One of the largest payment network VISA’s CEO described cryptocurrencies such as Bitcoin as “Digital Gold” in the company’s fiscal first-quarter 2021 earnings call.
Al Kelly, the CEO of VISA uplifts cryptocurrencies by also saying cryptocurrencies are more safe, useful, and applicable. And guess what, he mentioned that they may add cryptocurrencies to the VISA’s payments network.
Well, this is how cryptocurrency mass adoption happens. Let me explain more of the word “SAFE”. You know cryptocurrencies are digital. Cryptocurrencies run on a unique network called the blockchain. And it is encrypted by well-known cryptographic functions which mean, no-one will hack cryptocurrencies.
However, Kelly further mentioned that their strategy is to work with cryptocurrency wallets and exchanges to enable users to purchase cryptocurrencies using their existing VISA credentials or to withdraw directly with VISA. and once the feature is available, anywhere VISA accepted can work with specified cryptocurrencies.
According to a report by CoinDesk, VISA CEO claimed,
“Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlockFi, Fold, and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”