VISA's CEO, Alfred Kelly, has said that the global payments company will not process any Bitcoin, or any other cryptocurrency, transactions. Kelly said this in an interview where he explained that the company doesn't consider Bitcoin a payments systems player.
Kelly further added that VISA will continue to only process transactions that are fiat currency based.
"My take is that bitcoin is much more today a commodity that somebody could invest in, and honestly, somewhat of a speculative commodity," said Kelly.
Since the start of 2018, the price of Bitcoin across the world has taken a knock significantly dropping by as much as 45% on some exchange. This has resulted in many analysts and others stating that the "Bitcoin bubble" is finally bursting.
"I don't view it [Bitcoin] as a payment system player. In fact, we at VISA won't process transactions that are cryptocurrency based, we will only process fiat currency based transactions," added Kelly.
The VISA CEO's comments don't come as a shock given how the traditional banking and finance sector executives have said about Bitcoin, and by extension cryptocurrencies. It appears that after some of them considered it initially as a fraud or a fad they have slowly come around to take a bit more seriously although not serious enough to consider it a threat nor something they are willing to integrate fully into their business just yet. One such executive is JP Morgan's Jamie Dimon who has recently come apologizing saying that "I regret calling Bitcoin a fraud."
What we do know however is that VISA seems to be looking into Ethereum if their recent job advertisement is anything to go by.
"We're seeking a strong developer experienced with Ethereum and blockchain architecture to be a part of team tasked with building distributed application," reads the job advertisement for a BlockChain Engineer at VISA.
As if to further emphasize the point that VISA perhaps still don't fully grasp cryptocurrencies, the job advertisement states that the successful candidate must have total industry experience of over 8 years. Odd, considering that Ethereum, the cryptocurrency skill they are hiring for, only went live in 2015.
Cover image credit: Visa CEO Alfred Kelly weighs in on tax cuts, bitcoin and global. | CNBC