Use of crypto on the rise, says Visa

Visa’s crypto-related cards saw a billion dollars of spending activity in the first half of 2021, the payments giant announced on Wednesday.

The results came as Bitcoin hit an all-time high of $64,000, with retail investors flooding into the market. It also indicates that people aren’t seeing crypto simply as an investment, but are starting to use it in their daily lives.

Visa CFO Vasant Prabhu explained that people are beginning to take action over their curiosity for crypto and are, “exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.”

Looking at the stats, Prabhu believes the future is looking bright:

“We see a lot of volume on our [network] of people buying crypto currencies at these various regulated exchanges and as far as we can see, that trend continues.”

According to Visa’s competitor Mastercard, 93% of North American consumers plan to use cryptocurrency in the coming year. Could another billion dollars be racked up by the end of 2021?

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