Mr. Alfred Kelly, the CEO of credit card giant Visa, revealed that he believes Bitcoin; the world’s largest cryptocurrency is not really money and Visa won’t touch it.
According to him, VISA doesn’t support transactions done with cryptocurrency.
“I don’t view it as payment system player. We at Visa won’t process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he said.
He mentioned that fiat currencies, such as the U.S. dollar, are issued by governments as legal money.
And as such it underlines the difference between BITCION and other currencies.
He further explained that Bitcoin is not issued by anyone but rather it’s “mined” or “discovered” by powerful computers around the world competing with each other to solve certain algorithms.
The miners he said, then write those transactions to the online blockchain ledger, where all activity is recorded and shared with everyone, according to the CoinDesk description.
Expressing his take on the issue he stated that “bitcoin is much more today than a commodity that somebody could invest in; and honestly, somewhat of a speculative commodity,” he added.
His view is said to have been backed by the volatility of the Bitcoin market, which soared to record high of $19 000 per Bitcoin in the later parts of 2017.
But then, was quickly brought back down as its value has dropped to half of that high at the beginning of 2018