There are rumors circulating online that Amazon may be making moves to accept Bitcoin as a payment method in October. They initially surfaced on a report on squawker.org. Although this would indeed be greatly beneficial to Amazon, there has been no official announcement from the company.

The article on the site seems to make reference to Mr James Altucher. The source mentions that James is a well known investor and could indeed have material information about any non public announcements. John Altucher has founded more than 20 companies and authored 11 books. He also used to run a few hedge funds and has an active blog and podcast.

Although it does seem quite early for a company such as Amazon to be making such a step, it is not beyond the realm of reason. Indeed, as more and more online businesses and retailers start integrating BitPay and offer Bitcoin payments, Amazon would fear being left behind. According to the CEO of overstock

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.

An Adoption Trend

There has indeed been quite a move afoot for Bitcoin payment integration into a number of online sellers. What started with Overstock has moved onto a company such as Google as separate forum rumors led many to believe that Google would also be making such moves. There was also a petition that was started a few months ago that was trying to get Jeff Bezos to accept Bitcoin as a payment method on Amazon.

Although these are just rumors at the moment, it is indeed interesting to speculate on how important such a move could actually be for Bitcoin. Amazon is one of the largest companies in the world and accepting Bitcoin would be a major vote of approval for the technology. Moreover, the demand for Bitcoin as a means for transaction will also sky rocket.

One can also see why such rumors could indeed have surfaced. Amazon has been at the forefront of technological development over the past 20 years. From a humble online bookstore to one of the largest technology and logistics businesses ever, Amazon has always been innovating. This can also be seen by the CEO who is making it his mission to make private space travel a reality.

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Posted by Editorial Team

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.