Fintech giant Adyen says it has no interest in bitcoin as a payment method and clients aren’t asking for it

Adyen, the European fintech giant processing payments for the likes of Facebook, Netflix and Uber, isn’t convinced bitcoin can be used as a mainstream form of payment. Pieter van der Does, the firm’s CEO and co-founder, told CNBC that volatility in bitcoin and other cryptocurrencies makes them less attractive for making transactions. He added his firm has no interest in adding crypto as a payment method.

“Bitcoin is more of an investment asset than a payment method,” Van der Does said in an interview Wednesday. “We are interested in payment methods which are being used,” he added. “I am wondering if the huge movement in the value of bitcoin is helping it as a payment method.”

Tesla announced earlier this week that it had made a $1.5 billion investment in bitcoin, a move that led to speculation as to whether more firms would follow suit. Elon Musk’s electric car company said in a filing Monday that it would also start accepting payments in bitcoin in exchange for its products. Meanwhile, Mastercard said Wednesday that it plans to offer support for some cryptocurrencies on its network this year.

Adyen did once let its clients accept bitcoin as a payment option but no longer supports the cryptocurrency. Cryptocurrencies have been known to be wildly volatile for as long as they’ve been around. Bitcoin alone has gone through various boom and bust cycles, the most recent of which was a run toward $20,000 in 2017 before a collapse of more than 80% in value the following year.

Bitcoin has made a strong comeback lately, though, soaring past $40,000 to hit record highs on news of Tesla’s use of corporate cash to buy bitcoin.

Fintech giant Adyen says it has no interest in bitcoin as a payment method and clients aren’t asking for it, CNBC, Feb 11