One of Mahatma Gandhi’s globally known quotes is the one that states the following: First they ignore you, then they laugh at you, then they fight you, then you win. His words were as much applicable during the Indian non-violent fight for independence, as well as today with cryptocurrencies and blockchain technology. Earlier this year, we saw Warren Buffett compare Bitcoin (BTC) to rat poison squared. We also saw the CEO and Chairman of JP Morgan, Jamie Dimon, call Bitcoin a fraud. Similar sentiments were expressed by legendary billionaire-investor George Soros, when he claimed BTC was a bubble.
Two out of the three prominent investors mentioned above, have since changed their minds about Bitcoin and cryptocurrencies. Not long ago, we were made aware of George Soros giving the go ahead for his firm to invest in digital assets. JP Morgan has also been known for quite sometime of having plans to implement a cryptocurrency strategy. But Warren Buffett is yet to publicly change his mind about digital assets at the moment of writing this.
VISA Was No Different
In the case of VISA, the firm has known to being one of the reasons why the LitePay project fell flat. The project was meant to issue users with a LTC based debit card that was supported by either VISA or Mastercard. Both firms declined to give their approval to use their services. Mastercard even went as far as saying that it would only work with government approved crypto and/or blockchain projects.
But as the earlier quote by Gandhi states, it was only a matter of time befire cryptocurrencies won over the minds of the team at VISA. The firm’s CEO – Al Kelly – recently stated the following:
I think there has to be some market that [crypto] becomes somewhat like a fiat currency in order for us to be comfortable. If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there.
Using the examples of George Soros and Jamie Dimon as a benchmark, we can sort of predict a few of the following from VISA:
- A patented blockchain based payment system
- Embracing crypto backed debit and/or credit cards. They might partner with a prominent crypto project
- A way of storing customer information on the blockchain
- Custodial services for digital assets (not far fetched)
- Hardware wallets the size of credit cards that also work as credit cards (not far fetched)
In conclusion, VISA joins a list of financial firms that have done a complete 180 degree turn with regards to their initial stance on cryptocurrencies and blockchain technology. The recent statements by CEO Al Kelly therefore did not come as a complete shock. What remains to be seen, is the next step VISA will take with respect to adopting crypto and/or blockchain technology.
Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Crypto Crimson or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.