Don’t expect an encrypted credit card anytime soon
The American Express (AXP) share price is near an all-time high, but investors shouldn’t expect the card-issuing giant to jump into crypto to try and grab headlines. newspapers or add profits.
Company CEO Stephen Squeri – a 36-year-old Amex veteran known for his forward thinking strategies – is taking a more disciplined approach to crypto for now.
âYou’re probably not going to see an Amex crypto card anytime soon,â Squeri said at Yahoo Finance’s All Markets summit on Monday. Squeri said he sees major cryptos like bitcoin and ethereum as an asset class like gold.
Squeri added, âI don’t really see it as something that’s going to make inroads with a credit card perspective in terms of payments. Why? First, there are still huge fluctuations. Second, you have the service. with. You don’t have the rights to dispute with it. You don’t get any rewards and you don’t give credit. “
Amex’s position comes as shares of cryptocurrency exchange Bakkt soared on Monday, after announcing a partnership with Mastercard to offer crypto debit and credit cards. According to Yahoo Finance reporter Jennifer Shoenberg, the link would make it easier for consumers to pay with digital coins.
Squeri points out that Amex is involved in using the Amex card for stablecoins.
âWe have been watching government-based digital currencies very, very carefully. We are exploring other ways to potentially redeem your membership and reward points, but I don’t think you’ll see an American Express card anytime soon. related to cryptocurrency. âSqueri added.
Brian Sozzi is an editor and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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