Cryptocurrencies Are Not A Big Threat, Says Visa CEO To CNBC
Al Kelly, CEO Visa expressed his view about cryptocurrencies as a threat to Visa, in an interview with CNBC on Thursday. The credit card giant does not consider the digital assets as a threat but is prepared to employ crypto-friendly systems if the cryptocurrencies gain much traction.
In an exclusive interview with “Mad Money” host Jim Cramer, Kelly stated that cryptocurrencies are “certainly” not a threat in the short to medium term “in any way.” He said:
“I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable.”
Keely added that the company would consider stepping into the cryptocurrency ecosystem “if we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument.” The Ceo further added:
“If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
Two of the giants of crypto space, Coinbase, and Circle, recently collaborated to promote a U.S. dollar backed stablecoins to enable payment alternatives to wild traders like bitcoin. The volatility of cryptocurrencies has most worried about their future, though spreading in terms of adoption, crypto assets lost some $18 billion in market value, in mid-October.
After the brutal sell-off from Wednesday, the shares of Visa managed to climb nearly 5 percent on Thursday. Their most recent earnings report, that issued on Wednesday, topped Wall Street estimates and painted a picture of global consumer confidence.
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