17.04.2024

Head of Visa: Bitcoin Mass Adoption Could Happen Within 5 Years

Visa CEO Al Kelly spoke about the company’s plans for the cryptocurrency industry during Fortune magazine’s Leadership Next podcast. Visa is pursuing a multi-pronged strategy that includes bitcoin, other cryptocurrencies, and fiat-backed tokens and stablecoins, he said.

More broadly, Visa is looking to be at the forefront of activity encompassing new payment methods and technologies in case they do go mainstream, he added.

“We are trying to do two things: provide the ability to buy bitcoin using data in the Visa system and work with bitcoin wallets so that bitcoins can be converted into fiat currency and thus immediately used in any of the 70 million points in the world where Visa is accepted” – said Kelly.

Speaking about the prospects for stablecoins, the CEO of Visa noted that they have significant potential to become a new payment mechanism, especially in emerging markets.

“In the world of digital currencies, we partner with many players. There are about 35 different members we work with, ” he said.

Kelly admitted that cryptocurrencies could become «extremely widespread» over the next five years, but did not rule out the possibility of a loss of interest in them.

“I don’t know to what extent cryptocurrencies will go. I am not smart enough to know this, but I am smart enough to keep our company at the center of what is happening today, ” he said.

In February, it became known about Visa’s plans to launch a service for buying bitcoin through banks.

Diginex CEO predicts BTC rate will rise to $ 175,000 by the end of 2021

Diginex CEO Richard Byworth said that the corporate strategy of his organization assumes that the benchmark for Bitcoin at the end of 2021 is $ 175,000.

An expert who runs a business from Singapore said that the key point of such a noticeable rise in the price of bitcoin could be that institutional companies not only consider investing in BTC as an experiment, but increasingly believe that they need to keep at least part of it in this financial instrument. your portfolio.

Another important point that Byworth noted is that global hedge fund managers are increasingly making the decision to invest in bitcoin as well. In addition, those portfolio managers who previously focused more on bonds are now also willing to invest in bitcoins.

Finally, a number of investors show a clear desire to prioritize bitcoin over gold in their investment strategies, which is especially supported by the fact that the return on investment in this precious metal is currently showing negative dynamics since the beginning of the year (-9.04%).

Investment companies in the US are following the sentiment of their clients. For example, a recent study shows that of the funds that the US federal government allocates in support of the population, about $ 38 billion can go to corporate shares, as well as bitcoins.

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