Cryptocurrencies are not major threat to credit cards, says AmEx CEO
American Express CEO Stephen Squeri recently remarked that cryptocurrencies do not pose a direct threat to traditional credit card payments.
The remarks came at the company’s third-quarter earnings call on Friday where an Analyst from Barclay’s asked the CEO about his opinions on cryptocurrencies.
The CEO remarked that, unlike crypto assets, credit cards offer rewards, services, the ability to dispute, and the ability to extend credit.
“…we think about cryptocurrency much more as an asset class at this particular point in time,” Squeri noted, adding that his customers have not used the card to buy cryptocurrencies, nor are they focusing on buying crypto assets from their cards “anytime soon”.
However, Squeri cited the benefits of cryptocurrencies and said that the rising asset class can make “cross-border payments a lot more seamless” with ease of conduct.
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