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American Express CEO Says He Views Crypto as Gold

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Mon, 10/25/2021 - 19:29
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Alex Dovbnya
At the same time, Stephen Squeri doesn’t see crypto succeeding as a means of payment
American Express CEO Says He Views Crypto as Gold
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During his appearance on Yahoo! Finance, American Express CEO Stephen Squeri said that he views crypto as a gold-like asset class:

You know, I sort of view it as gold.

Squeri doesn’t see cryptocurrencies succeeding as a means of payment, claiming that volatility will hinder their success.

In addition, he points to the fact that crypto holders do not get dispute rights, rewards or the ability to extend credit. This is why American Express has no plans to launch a cryptocurrency-linked credit card, according to Squeri:        

Probably not going to see an Amex crypto-linked card anytime soon.

His reasoning is that credit cards are not normally used for buying stocks or gold.         

Squeri added that his company has dabbled with stablecoins. In addition, American Express is closely watching the most recent developments in the realm of central bank digital currencies (CBDCs).

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Earlier today, Mastercard announced a partnership with Bakkt, a cryptocurrency subsidiary of the Intercontinental Exchange. The tie-up will make it possible to integrate crypto into the payments giant’s merchant and bank networks.   

The shares of Bakkt, which went public on Oct. 18, skyrocketed more than 200 percent on the news.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.