American Express chairman and CEO Stephen Squeri has been proven right for his cautious approach to rolling out cryptocurrency services on the payment giant's platform.
"What I've said from the beginning is that cryptocurrencies are really an asset class like gold or like silver. Look at Bitcoin – which is a good bellwether – it's down 50% in two months. How do you call it a currency?" Squeri told Yahoo Finance in an interview.
Squeri said at the Yahoo Finance All Markets Summit in October it would be a while before consumers would see a crypto-backed Amex card.