Adyen CEO and Co-founder Pieter van der Does said that using bitcoin and other cryptocurrencies as payment methods is not something he is considering, nor are clients asking for it, CNBC reported on Thursday (Feb. 11).
“Bitcoin is more of an investment asset than a payment method,” van der Does told CNBC. “We are interested in payment methods that are being used … I am wondering if the huge movement in the value of bitcoin is helping it as a payment method.”
The Dutch FinTech processes payments for Big Tech firms like Facebook, Netflix and Uber, the article said. At one time, it allowed clients to accept bitcoin as a payment method. It has since dropped the option and merchants are asking for it to return.
“It might not actually be helping cryptocurrencies if they are more like investment assets than a currency,” van der Does told CNBC. “That makes it less interesting for a merchant — to have potential (as a means of payment), you need a stable currency.”
Adyen beat profit estimates in the fourth quarter and ended 2020 with earnings of $488.2 million, up 27 percent from a year earlier. Following the release of the numbers, Ayden’s share price hit €2,123 ($2,575) on Wednesday (Feb. 10), up 10 percent.
The latest cryptocurrency rally saw the price of bitcoin escalate to $48,000 before leveling off at $45,000, largely powered by tweets and other social media chatter. Elon Musk is among the numerous celebrity promoters of the currency, and he said that Tesla will soon accept bitcoin as a payment method.
Mainstream commerce could be the key to stabilizing coin currency volatility as acceptance points expand. PayPal, for example, lets users buy and sell bitcoin, but is also making bitcoin available as a payment method.