Bitcoin is breaking records, surpassing $60,000 and being presented in the media as a revolution in many ways. Industry giants cannot continue to ignore the trend, and now VISA has spoken out.
The CEO of VISA commented in Fortune's Leadership Next podcast that they are working to make it possible to use Bitcoins with a traditional card, but not only that, in the future we will also be able to buy Bitcoins using a credit card, without having any technical knowledge of the subject, something unthinkable a few years ago.
VISA departments are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on ther network. This is a big change that will require a lot of work. VISA will be very thoughtful about which assets they support based on our principles for digital currencies, which focus on consumer protections and compliance.
When we buy with a card, we will be able to decide if we want to do it from our bank account or from our bitcoin savings, and the exchange would have to be done at the moment, because if we wait a few days, the value could be very different from the expected one.
Logically, the seller would see his purchase in the traditional currency, since the exchange is transparent for the seller, it would only affect the buyer, who would see his amount of bitcoins reduced, not his amount of euro, dollar or any other currency.
This move would expand the visibility and usefulness of bitcoin, as VISA has 70 million points of sale worldwide. It has not said when this action would take place, nor has it given details on how our wallet would be integrated with our card, but everything seems to indicate that it won't be long now.
And it is not only VISA, major banks around the world, and Mastercard itself, have already announced at the time that they are betting on this cryptocurrency, not only for Blockchain technology in general (which is already widely used in the banking world), so it seems that the rise of bitcoin is unstoppable.
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