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Visa Executive Says Crypto Is 'Becoming Cool' — Sees Whole New Class of Mainstream Consumers Entering the Space – News Bitcoin News – Bitcoin News

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by Kevin Helms
Visa’s head of crypto sees a “whole new class” of mainstream consumers entering the crypto space due to non-fungible tokens (NFTs). The executive further says: “Crypto is becoming cultural. It’s becoming cool.”
Cuy Sheffield, Visa’s head of crypto, talked about cryptocurrency during a panel discussion early this week at the Singapore Fintech Festival.
He explained that a “whole new class” of mainstream consumers are entering the crypto space because of non-fungible tokens (NFTs). The Visa executive added that people who are interested in art, music, or culture are “setting up crypto wallets in waves,” noting that they are excited to create their own NFTs and support other creators.
Before the NFT boom, Sheffield said crypto assets mainly attracted people who are interested in gold and finance. “It used to be that if you were investing in crypto, you were kind of weird,” he opined, elaborating:
Crypto is becoming cultural. It’s becoming cool.
The Visa executive further explained that people are now using crypto wallets for more reasons than they used to. Previously, crypto wallets were mainly used to store cryptocurrencies. Now people are using them to discover new music, he described, adding that they are increasingly becoming more of a “super app” that influences consumers’ life.
In August, Sheffield was asked whether he thought NFTs will go mainstream. “Only time will tell,” he replied. “What’s certain is that curiosity, an open mind, and active experimentation are the best approach when new technologies and use cases come on the scene.” He added:
We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce.
Visa has been a supporter of NFTs. The company launched an NFT program to support digital artists in October. In August, Visa purchased an NFT from the Cryptopunk collection for $165K in ether. “To recognize the role that Cryptopunks have played as an historic NFT project, bridging culture and commerce, Visa has decided to purchase Cryptopunk 7610, Sheffield said at the time.
What do you think about the Visa executive’s comments? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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EU should ban energy-intensive mode of crypto mining, regulator says – Financial Times

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Global stocks, crypto rebound ahead of today’s momentous Fed decision – Fortune

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Billionaires Dalio, Peterffy Embrace Bitcoin (BTC), Ethereum as Inflation Hedge – Bloomberg

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Brokerage founder Thomas Peterffy says its prudent to have some crypto, while Ray Dalio views it as alternative to cash.

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Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets. 
These days, the Hungarian-born billionaire is well versed in cryptospeak. Peterffy, worth $25 billion, said it’s prudent to have 2% to 3% of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.”

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