Visa Supports Bitcoin And Coinbase Exchange
The crypto market looks better today, and Bitcoin is trading in the green along with the other digital assets.
At the moment of writing this article, BTC is priced at $9,270.13.
Bitcoin is expected to retest the $10k level once again. There have been all kinds of optimistic predictions these days following the halving, but they still have to materialize.
On the other hand, despite the global crisis, BTC has been gaining interest, and more investors have been seeing a safe haven in the king coin. So, it’s safe to say that the mainstream adoption is going well these days.
The evolution of the crypto industry
Visa chairman and chief executive Alfred Kelly recently revealed his position on Bitcoin and the ways in which he imagines that the crypto industry will evolve.
He said that the industry has various components that produce assets with various functionalities.
“So first, it’s important to distinguish between cryptocurrencies and digital currencies. Cryptocurrencies like Bitcoin continue to be more [like] commodities. If you look at Bitcoin as an example, many more people are buying Bitcoin and holding it versus actually spending on it, whereas digital currencies backed by a fiat currency are a real potential emerging payments technology that could be very interesting,” Kelly began.
Kelly continued and said that they are supporting the case for cryptos and they actually believe that digital assets could be additive to the payments ecosystem, instead of being a replacement or a negative thing.
“So we want to be there and support digital currencies, and we are,” Kelly said.
He continued and highlighted the fact that they also have a relationship with Coinbase in the U.K. where crypto can be converted over to a Visa credential and a fiat currency and used anywhere where Visa is accepted.
He also said that “we believe over time, digital currencies can go into wallets as well, since we have relationships with a lot of wallets. That’s a good thing as well.”
We recommend that you check out the complete details in this transcription.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.