There’s no denying that cryptocurrency has taken off like wildfire, but will Amazon be jumping on the bitcoin bandwagon?
According to one top source, Amazon has already started flirting with the idea and could be ready to fully use bitcoin in October.
Kind of a big deal
The news broke via The James Altucher Report, which is run by the former hedge fund manager and venture capitalist James Altucher. Altucher uses his experience in the business realm, where he has cofounded over 20 companies, to offer realistic financial advice and insight.
He communicates via his popular newsletters, blog and podcast. According to Altucher, Amazon is geared up to change their payment options as early as October.
Already Testing the Waters
Last year, Amazon partnered up with Digital Currency Group, a major investor in Bitcoin, to act as an intermediary between them and their clients. Amazon’s role is to handle all transactions, many of which include the popular cryptocurrency.
Major companies like Google, Ebay and Paypal already accept bitcoin so it is just a matter of time until Amazon follows suit. Even Japan and Russia recognize it as legal currency.
Amazon + Bitcoin = AmaCoin?
Don’t think of bitcoin as Amazon’s only option. Some speculate that Amazon may one day create their own currency.
As a company that has already started testing drones as a future delivery method, custom currency does not seem so out of this world.
The blockchain option has been a refreshing alternative to using traditional banks, especially for those who do not have faith in the current banking practices.
There are questions
If Amazon jumps onboard and rolls out a plan to use bitcoin this year, Altucher anticipates a major surge in its value. Since they have yet to announce an official strategy, and because the option of them creating their own currency is still up in the air, it is unknown how Amazon will integrate it into their system.
Will Amazon find a different way to accept bitcoin? Perhaps a brand new way? If Amazon does start using bitcoin they will join many other tech companies that have already anticipated the growth in its value. Amazon isn’t the only company that has started transitioning over. Many other tech companies have already started to become intermediaries to manage digital transactions.