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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Visa to enable Bitcoin purchase, says CEO Al Kelly

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC

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In an interview for the Fortune’s Leadership Next podcast, Visa’s CEO Al Kelly reveals their efforts to integrate Bitcoin into their payment platform.

Their plans are for their millions of clients worldwide to be able to trade in BTC but also convert those funds into fiat. Kelly claimed:

We’re trying to do two things. One is to enable the purchase of Bitcoin on Visa credentials. And secondly, working with Bitcoin wallets to allow the Bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted.

Visa’s long-term goal is to become a bridge between Bitcoin owners and more traditional payments methods. For that, Kelly believes stablecoins have a “strong potential”. He asserted:

(…) currencies that are fiat-backed, but we’re allowing this translation, if you will, into a fiat currency and in a wallet where there’s a Visa card, and again that Visa card can be used with the translated digital currency over to the fiat currency to purchase at any one of our 70 million locations.

Bitcoin on top of Visa’s network

Visa’s CEO revealed they are working with 35 partners in the crypto industry to materialize their objective. Amongst their partners is Circle, the company behind USD Coin (USDC), BlockFi, Fold, and others.

Kelly claimed BTC is still in its early stages so he is not certain cryptocurrencies “will take off and become a big deal”. However, Visa is planning to be at the center of the crypto industry to “help move that money”. At the same time, the executive outlined a possible future where “there are no winners and losers” between Visa’s or Bitcoin’s network.

The payment company’s executive sees Bitcoin as a solution for the businesses affected by the Covid-19 pandemic, particularly the travel industry. With a declining usage of cash, Visa is looking to accelerate the “digitization of the economy”. In the next 3 years, Kelly said they will try to “digitized” 50 million small businesses.

In mid-2020, Visa published their first report which directly mentioned BTC and revealed their efforts to “advanced” their approach to the digital currency. Ultimately, the payment company’s vision is for every transaction across multiple blockchains to be settled on top of Visa’s network.

We continue to think of Visa as a network of networks. […] Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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