AMEX CEO Says Crypto Is Unlikely a Threat to Traditional Credit Cards

Crypto, though, can make cross-border payments “a lot more seamless,” he said.

AccessTimeIconOct 23, 2021 at 5:52 p.m. UTC
Updated Oct 25, 2021 at 2:22 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Traditional credit card payments will hold firm amid the growth of cryptocurrencies, American Express CEO Stephen Squeri predicted on the company’s third-quarter earnings call Friday.

  • Unlike crypto, traditional credit cards offer clients rewards, service and the ability to dispute charges, along with the ability to extend credit, Squeri said.
  • Squeri said he sees cryptocurrency much more as an asset class at this time, adding that clients don’t use AMEX to “buy stock” and doesn’t see them focusing on buying crypto either.
  • Squeri said he sees a role for digital currencies, however, adding they can make cross-border payments “a lot more seamless.”
  • Currently, AMEX’s biggest role in the crypto sector is in the non-fungible token and stablecoins universes, Squeri said, citing the card’s usage to buy digital collectibles such as NBA Top Shot.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.