Despite being only a little over a decade old, Crypto has gained tremendous popularity in its short time being in the public purview. Cryptos have collectively grown to over a $2 trillion valuation, beating out big companies like Apple and Microsoft. Adoption has followed the same trend in recent years. The current count for people investing in crypto has put the number as a little under 10% of the world being invested in crypto.
Comparisons to the growth of revolutionary technologies like the internet have shown that crypto is headed for mainstream adoption in the next five years. Given this, payments companies like Visa, PayPal, and MasterCard have all developed crypto strategies to put them at the forefront of this new mode of payment. The giants no doubt believe in the future of cryptocurrencies. Giving them reasons to all build out their platforms to support these new currencies.
Visa has been making strategic steps towards total crypto and blockchain support in recent years. According to Visa’s CEO Alfred Kelly, Visa is making sure that if cryptocurrencies get as big as everyone expects, then they want to be in the middle of it.
Crypto Could Be Mainstream In Five Years
CEO Alfred Kelly was on the “Leadership Next” podcast with CEO of Fortune Alan Murray to talk about the future of cryptocurrencies. Kelly expressed his thoughts on where cryptocurrencies could be in the next five years. According to the CEO, crypto could become “extremely popular.”
On the flip side of this, Kelly opined that just as much as crypto could be very successful, it could also end up flopping. Kelly explained that even though crypto may not going anywhere, Visa wanted to be ahead of it. “What I like most about our business, Alan, is that we don’t pick winners and losers,” Kelly told Murray.
Explaining what may happen with crypto in the next five years, “I don’t know how far the cryptocurrencies are going to take off,” said Kelly. “Let’s say in five years, it was a fad and no big deal or will it be extremely popular? I’m not smart enough to know, but what I’m smart enough to do is make sure our company is in the middle of it today,” Kelly added.
Visa Wants To Be Prepared
CEO Alfred Kelly said that bitcoin is seen as the digital successor to gold. Thus, the company was working towards enabling the purchase and conversion of cryptocurrencies. Visa plans to enable its customers to seamlessly convert their cryptocurrencies into fiat currency. With Kelly explaining that the company was also focusing on using crypto to move cash and not just being used as payments.
“If it takes off and we get our fair share or more of the volume because we anticipate that it could possibly take off and become a big business, we certainly want to be prepared for that, and I think we’ve got off to a great start,” Kelly stated.
Visa has long implemented solutions to bring blockchain and crypto services to its customers. The payments giant also boasts various partnerships with crypto companies that have seen them implement crypto debit cards for customers to spend their crypto. 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