While the adoption of cryptocurrencies continues unabated worldwide, Stephen Squeri, CEO of American Express, which is among the most popular credit cards in the world, made important statements regarding cryptocurrencies.
These days, when Mastercard announced its new crypto money system, the CEO of American Express stated that the bank will not offer cards related to cryptocurrencies in the near future.
In an interview with Yahoo Finance, the famous CEO stated that they are closely examining the crypto market, although he said that there are no crypto money-related card studies.
Cryptocurrencies are not a means of payment!
After stating that cryptocurrencies will not be successful as a means of payment, Squeri said that he sees major cryptocurrencies such as Bitcoin and Ethereum more as gold.
The CEO cited the volatile nature of cryptocurrencies and the fact that credit cards are not normally used to buy stocks or gold as the reason why the Bank did not issue crypto-linked cards.
“I don’t see cryptocurrencies as something groundbreaking from a credit card perspective in terms of payments. Why? First, there are still enormous fluctuations. Second, you don’t get rewards or credits as crypto holders.”
According to Squeri’s logic, crypto-focused work will not bring any benefit, since stocks or gold are not purchased with cryptocurrencies.
We’re Watching Stablecoins!
Squeri noted that the bank is focusing on developments in the CBDC area that will be issued by the central bank rather than potentially allowing cardholders to redeem membership and reward points.
While the bank has no plans to issue crypto-linked cards recently, American Express has shown its interest in crypto technology by allowing cardholders to purchase NFTs.