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

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.

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