Many Bitcoin supporters hope that the virtual currency will one day transform the payments system by enabling the nearly instantaneous transfer of value across the globe.
But Kenneth I. Chenault, the chief executive of American Express, isn’t quite ready to give in to digital money.
“The reality is, we compete with any form of payments” Mr. Chenault said on Thursday at the DealBook conference in Manhattan.”Everyone focuses on the displacement of Bitcoin and the credit card industry.”
But, he added, “there’s a reason credit cards were invented.” In particular, he said, people want the ability to defer payments.
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