Prospects of cryptocurrencies in businesses
Cryptocurrency is the talk of the town. It is mentioned in every nook and crabby of the world and everyone rushes either to understand how these digital currencies operate or invest totally in it. Bitcoin, the first cryptocurrency, when it was launched, brought about some questions about its authenticity. The world did not understand the magnitude of this currency. However, over the years and as more light is shed about this digital currency, it led to the creation of other cryptocurrencies. Banks and business persons have taken an interest in these digital coins. We hear of business tycoons like Elon Musk, Visa’s CEO, and a lot more giving positive prospects about these cryptocurrencies.
Visa is an American multinational financial service in the United States. They build it to facilitate moving money through Visa cards, debit cards, or prepaid cards and it stands out as one of the world’s most valuable companies. Visa CEO has announced its interest in cryptocurrencies and intends to include them as a method of payment. What could have propelled him to make such a decision? Of course! This is because he has seen the prospects of cryptocurrencies and will not want to be left out.
Cryptocurrencies have been on the rise in the past few years and many have been rushing into it. With the pandemic that struck in 2019, many businesses have been digitized. Other companies have ways to carry out business deals without going through the stress that comes with going to the bank. Cryptocurrency, being a decentralized currency, is the best option for many since it does not require the interference of any third party. Neither does it take so much time for a transaction to be fulfilled. After observing the crypto space, Alfred Kelly, Visa CEO, admits that there is opportunity in the rapid changes in the way people pay for things. In 2018, in an interview, Kelly states that the only thing that will cause Visa to move into cryptocurrencies would be because of the digital currencies’ evolution beyond a store of value. He says, “If we think that crypto moves from being more of a commodity to being a payment instrument.”
He further explains that Visa’s involvement with cryptocurrencies is not for trading but to exchange crypto for the purchase of a good or service and the use of the Visa cards is to enable its system to convert cryptocurrencies into fiat currency. Also, the funds out in the wallet can be used anywhere Visa is accepted. “Ultimately, we could see digital currencies running on the Visa network on a more regular basis,” Kelly said. He also adds that “We are certainly open to any vehicle that helps facilitate the movement of money around the world. We want to be in the middle of it.” notwithstanding, Visa has endorsed the use of Bitcoin and also allows transactions with stablecoins on the Ethereum blockchain.
According to his predictions or prospects, he believes cryptocurrency’s biggest opportunities are found in countries where there are under-banked and unbanked individuals. He believes that there are over 1.7 billion people on the surface of the earth that do not have any bank accounts or are not in any banking system, no matter the country they live in. He intends to continue working with central banks even as they focus on their digital currencies. The Visa CEO said, “We continue to expect to work with central banks around the world as they develop digital currencies for the future.”
In conclusion, as a result of cryptocurrency’s rapid growth other business persons have dived into it because it has prospects for the future. Visa is not the only business to get involved in cryptocurrency. Mastercard has also announced that its customers will soon begin transactions with crypto.
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Fenui Perpetua, Team bit4you