On his appearance with Yahoo! Finance, American Express CEO Stephen Squeri claims he looks at crypto as if it were gold:
“You know, I sort of view it as gold.”
Squeri does not see crypto as a stable way of payment, declaring that volatility will impede its success.
He also indicates that crypto holders receive no rewards, dispute rights, or extended credit. For this reason, American Express has no intention to launch a crypto-linked credit card, according to Squeri:
“We are most likely not going to see an Amex crypto-linked card anytime soon.”
His thinking is that bank cards are not typically utilized for buying stocks or gold.
Squeri included that American Express has played around with stablecoins. Also, the company is closely watching the latest developments in the realm of central bank digital currencies (CBDCs).
Earlier today, Mastercard announced a partnership with Bakkt, a cryptocurrency subsidiary of the Intercontinental Exchange. Undoubtedly, the tie-up will make possible crypto integration into the company’s merchant and bank networks.
The shares of Bakkt, which went public on October 18th, increased higher than 200% on the news.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.