Alfred Kelly, the CEO of Visa, made positive statements regarding Bitcoin and digital currency during a virtual conference on May 14.
He noted that Visa has already partnered with the cryptocurrency company Coinbase UK, which allows users to spend Bitcoin through its Visa card. He also suggested that digital currencies could be integrated with wallets from other Visa partners.
However, Kelly ultimately considers Bitcoin a commodity at the moment. “Many more people are buying Bitcoin and holding it [than] actually spending it,” he says.
Visa Prefers Fiat-Backed Currencies
Kelly additionally stated that “digital currencies backed by a fiat currency … are a real potential emerging payments technology that could be very interesting.”
Though Kelly did not mention any particular examples, the category includes stablecoins like Tether’s USDT, JP Morgan’s JPM Coin, and Facebook’s Libra.
Kelly also commented on Visa’s relationship with Facebook and Libra, noting that Visa “elected to not join the [Libra] association” due to regulatory uncertainty.
Is Visa Good for Bitcoin?
Visa’s interest in digital currencies may be good for Bitcoin in terms of visibility and acceptance.
However, some critics see the matter differently. Acceptance from financial giants is an issue, as those companies could exert control over crypto transactions and reduce user freedom.
By contrast, standard Bitcoin wallets give users the most control over their crypto, without any possible interference from other third parties.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.