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Tuesday, October 3, 2023

American Express Views Crypto as Asset Class — States It’s Not an Imminent Business Threat

According to CEO Steve Squeri, American Express (Amex) views cryptocurrency as an asset class. Currently, the firm does not see crypto as a threat to its business either immediately or in the medium-term.
American Express CEO Discusses Crypto Strategy
Steve Squeri, chairman and CEO of American Express (Amex), answered a few questions regarding cryptocurrency during the company’s Q4 earnings call on Tuesday.

We think about the spectrum of digital currencies. We think about crypto. We think about stablecoins. We think about central bank digital currency [CBDC].” Squeri continued:

At this particular point in time, we view cryptocurrency more as an asset class.

Regarding crypto’s use as currency for payments, he said, “that’s a hard thing to utilize that way.”

The American Express executive further noted: “And as far as blockchain, we’ve got investments in blockchain companies … We constantly look at blockchain and figure out ‘are there use cases for us?'”

Commenting on stablecoins and non-fungible tokens (NFTs), Squeri said: “As far as stablecoins and NFTs and things like that, we’re partnering with, obviously, the NBA and Top Shot. And we’ll look at ways to get involved.”
However, the CEO revealed, “We’re probably not going to offer a crypto card.”

He further opined:
We keep our eye on cryptocurrency in case it becomes more stable. But right now, I don’t see it as [an] immediate or medium-term threat to our business.

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