Visa Partners and FTX Bet: Do Shoppers Still Want to Spend Cryptocurrencies in the Bear Market?

Subh Rath

October 10, 2022

We’ve all been linked with Visa as a convenient international payment solution anywhere in the world. But just like every other brand and company taking its chances of stepping into the cryptocurrency world, Visa has also come up with its perspectives and plans. 

What does that mean? Well, Visa is placing its bets on the fact that cryptocurrency holders will still want to spend their holdings even if values continue to fall throughout the year.

How Are They Examining This Statement?

The world’s largest payments processor is partnering up with the world’s largest foreign exchange company, FTX, to provide debit card services in forty countries, emphasizing Latin America, Asia, and Europe. The cards, which are already on the market in the United States, will be able to establish a direct connection to the FTX cryptocurrency investing account of the user. According to Visa’s CFO, the move enables clients to spend digital currencies without moving those off an exchange. This is “as you would do with any bank account.”

Bitcoin Price Fluctuations for Shoppers: Is it Beneficial for Buyers?

The price of bitcoin and other cryptocurrencies has dropped by almost fifty per cent from their all-time highs in November, which coincides with the deal’s timing. As of Friday morning, the price of bitcoin was near $20,000, which is a decrease of 57% from January.

However, bitcoin price fluctuations are quite common. It’s sometimes up and sometimes down, commonly how the market works. So while Visa brings convenience and accessibility for shoppers, the affordability of bitcoin payments is certainly not guaranteed for every Visa-card holder.