Josh Brown reflects on the evolution of cryptocurrency and its failure to replace traditional payment systems, emphasizing that consumers prefer the reliability and simplicity of credit cards.
He highlights Visa's impressive performance, noting that the company processed 72 billion transactions in the last quarter, a 10% increase year-over-year, and reported net revenue of $11.6 billion, up 14% from the previous year. Visa's global payments volume surpassed $4 trillion for the first time, with cross-border volume rising by 12%.
The company also saw significant growth in its value-added services, which increased by 34%. Looking ahead, Visa's management provided optimistic guidance for future revenue and earnings growth, indicating stability and potential for further gains. The stock has shown positive technical patterns, with higher highs and lows since July, and is approaching key resistance levels.
Investors are advised to monitor the stock closely, particularly the $375 resistance level, as a breakout could lead to further price appreciation