Rumors have recently followed an unverified report that Amazon, one of the world’s largest online shopping stores, is going to accept Bitcoin as a payment method next month.
Originally reported on Squawker.org, the story circles around a newsletter sent out by James Altucher, in which he states:
“I am certain that Amazon WILL ACCEPT Bitcoin. They have no choice. And this will be the tipping point that will create massive generational wealth unlike we’ve ever seen before.”
James Altucher is an American entrepreneur, hedge fund manager and venture capitalist. The article on Squawker goes on to establish his credibility saying:
“James Altucher has (co)founded more than 20 companies, authored 11 books, and has been a contributor to several major publications. He is a former hedge fund manager and venture capitalist turned activist blogger/podcaster and offers a subscription based mailing list – the source of the Amazon information.”
While this seems like more like an opinion rather than a fact, it is not entirely unlikely that Amazon may look into blockchain technology, especially since last year the company partnered up with Digital Currency Group, which is a major investor in blockchain companies and Bitcoin.
Moreover, Amazon is a company that tries to stay on the leading edge of technology, and given how others in the industry are looking into Bitcoin, it would make sense for Amazon to do so as well.
“...You can pass in any three characters and it will be treated as a valid currency code.The reason for this is that it allows support for future currencies. For example, Bitcoin can be supported with its currency code 'XBT'.”
This essentially means that any service that uses Google’s Payment Request API can start accepting Bitcoin payments.
Overstock, another online retailer, was the first to start accepting Bitcoins and the CEO Patrick Byrne believes Amazon has to follow suit.
“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.”
Recently, Barry Silbert, founder and CEO of the Digital Currency Group, ran a Twitter poll, the result of which indicated that 52% of the 4,500 participants believe Alibaba, one of the world’s largest online retailers, will be the first to adopt Bitcoin as opposed to Amazon, Google or Facebook.
While all these are simply speculations and there is no official statement from any company about future Bitcoin integration, if true, it would be a major development towards mainstream cryptocurrency adoption.