In the midst of insecurity about Bitcoin’s dominance on the market and a potential Bitcoin bubble, good rumors have been circulating that the online retail giant Amazon will start accepting Bitcoin as a payment this October. The rumors have derived from a recent report on squawker.org. Surveys have shown that Amazon would possible have a financial reason to do so, but no official announcements have been made.
The article on squawker.org points out a mention in investor James Altucher’s newsletter. It is believed that Altucher is an experienced trader and investor and has a high chance of obtaining pre-announcement information.The article notes that he has cofounded more than 20 companies, authored 11 books as been a contributor to major several publications. As a former hedge fund manager and a venture capitalist it is believed by many that he could have very resourceful information on the trade.
This type of online trade seems like a long shot, however it is not impossible. As more and more retailers continue to show their support on Bitcoin, it is very likely that Amazon will respond the same way in order to keep up with dominating the market. The CEO of Overstock Patrick Byrne said:
“They have to follow suit. I’d be stunned if they don’t, because they can’t just cede that part of the market to us, if we’re the only main, large retail site accepting Bitcoin.”
This trend has been followed by many companies. It started with Overstock’s acceptance of Bitcoin’s to include other enterprise-level tech companies. Recent comments from a Google API tutorial are already hinting the possibility to follow suit as Paypal and other major companies do.
Users have already been petitioning Amazon to start accepting the cryptocurrency. This move may happen sooner than you think, as it is rumored to take place in the next earnings conference call towards October the 26th.
This is just a rumor at present time, however, it is very exciting to know that possibly in the future, there will be a lot of possibilities with Bitcoin if Amazon adopts this currency. As cryptocurrency increases in popularity, retailers will need to join this progression to remain dominant.