Although it is just over a decade old, Crypto has gained immense popularity in the short time of being in the public domain. Cryptos have collectively grown to over $2 trillion valuation, outperforming major companies like Apple and Microsoft. Adoption has followed the same trend in recent years. The current number of people investing in cryptocurrency has put the figure as just under 10% of the world invested in cryptocurrency.
Comparisons with the growth of revolutionary technologies such as the Internet have shown that encryption is on track for mainstream adoption in the next five years. In light of this, payments companies such as Visa, PayPal, and MasterCard have all developed crypto strategies to put them at the forefront of this new payment method. There is no doubt that giants believe in the future of cryptocurrency. Giving them reasons for everyone to build their platforms to support these new coins.
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Visa has been taking strategic steps towards comprehensive support for cryptocurrency and blockchain in recent years. According to Alfred Kelly, CEO of Visa, Visa is making sure that if the volume of cryptocurrencies increases as everyone expects, they want to be in the middle of it.
Cryptography could become mainstream within five years
CEO Alfred Kelly participated in the “Leadership Next” podcast with Fortune CEO Alan Murray to talk about the future of cryptocurrency. Kelly expressed his thoughts on where cryptocurrency should be in the next five years. According to the CEO, crypto could become “very popular.”
On the flip side of this, Kelly saw that as much cryptography could be very successful, it could also end up being a flop. Kelly explained that while encryption might not be going anywhere, Visa wanted to be on top. “What I love most about our work, Alan, is that we don’t pick winners and losers,” Kelly told Murray.
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“I don’t know how far crypto will take,” Kelly said, explaining what might happen with cryptocurrencies in the next five years. “Let’s say in five years, was it a fashion and not a big deal or would it be very popular? I’m not smart enough to know it, but what I do smart enough is to make sure our company is in the middle of it today,” added Kelly.
The visa wants you to be prepared
CEO Alfred Kelly said that Bitcoin is seen as the digital successor to gold. Thus, the company has been working on enabling the purchase and transfer of cryptocurrencies. Visa plans to enable its customers to seamlessly convert their cryptocurrency into fiat currencies. Kelly explained that the company was also focused on using cryptocurrencies to transfer funds and not just using them as payments.
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“If it launches and we get our fair share or more of the volume because we expect it can take off and become a big company, we definitely want to be ready for that, and I think we’re off to a great start,” Kelly said.
Visa has always implemented solutions to provide blockchain and crypto services to its clients. The payments giant also boasts several partnerships with crypto companies that have seen it implement crypto debit cards for customers to spend their cryptocurrency. The company is also integrating blockchain solutions to enable faster and more efficient transactions on its platform.
Total crypto market cap maintains position above $2 trillion | Crypto Total Market Cap on TradingView.com
Featured image from CryptoSlate, chart from TradingView.com