Wednesday, January 19

“We will continue to support cryptocurrencies,” says Visa director


In an interview with NDTV, Visa’s director of cryptocurrency, Cuy Sheffield, showed how much the company is believing in the future of this new technology that is changing everyone’s financial and cultural lives. And of course they don’t intend to miss this opportunity.

Since it is easier for a Bitcoin user to convert a small amount to spend on daily purchases than to convince millions of merchants to accept cryptocurrencies, Visa now has millions of potential customers on its hands.

This is due to the popularization of Bitcoin as a store of value due to the contrast with state monetary policies. With more and more people owning BTC, it’s likely to be a substitute for fiat coins, it’s just enough that people study a little bit about the qualities of Bitcoin.

It seems little but it is enough and it will grow bigger

One of the big challenges for Bitcoin to become a currency is its acceptance. For a market network, for example, to train its employees to accept BTC, there must be demand for this type of payment.

As a result, gateways — intermediaries such as exchanges and other services — have been the most used way by bitcoiners for years to spend their coins on goods and services.

As Bitcoin becomes a more popular store of value, with 83% of Gen Y millionaires investing in it, Visa is seeing huge potential to make money from it, filling a space that has turned startups into billion-dollar companies.

“$3.5 billion represents cumulative spending on Visa’s cryptocurrency-linked card programs. It’s a small part of the total spending on Visa cards, but when you consider that these programs didn’t exist to any significant extent a year ago, it’s an indication that they’re starting to gain traction.”, said Cuy Sheffield, director of Visa’s crypto business.

“At the end of the day, we want to serve as a bridge connecting the cryptocurrency ecosystem to our global network of 80 million merchants and more than 15,000 financial institutions.”

competitors

It’s worth noting that Bitcoin is not just a currency, it’s also a payment system that, while it has little adoption, is in competition with card companies such as Visa and Mastercard, which are also investing in the sector.

Despite this, over time Bitcoin is becoming stronger as a store of value, like digital gold, due to its maximum limit of 21,000,000 coins and controlled creation of them.

So there is an open avenue for Visa to explore, almost without competition, to allow Bitcoin investors to use their money anywhere in the world. The same can be seen with PayPal, another payments industry giant that has embraced cryptocurrencies.





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