James Altucher (a former hedge fund manager, venture capitalist, and serial entrepreneur) recently claimed that Amazon will soon start accepting Bitcoin payments and will be announcing this development on their quarterly earnings conference call on the 26th of October 2017.
Altucher’s newsletter has a history of insightful and often correct speculation on the cryptocurrency market and has correctly predicted many key events in the space.
Whilst this is still perhaps speculation on his part, companies such as Google, Paypal and eBay have already recently started accepting Bitcoin as a widespread payment option with services like Braintree Payments. Japan and Russia have also recognized Bitcoin as a legal form of payment so it would make sense for Amazon to follow suit.
Furthermore, Amazon’s past collaboration with DCG (Digital Currency Group), one of the largest early investors in bitcoin and the blockchain, shows their willingness to consider Bitcoin as a viable payment option.
Of course, whether this idea comes to fruition or not the price of Bitcoin is bound to surge in the weeks leading up to this earnings call and spike even further if the announcement actually occurs.
It is, however, important to note that there are potentially harmful implications for the Bitcoin ideology with the adoption of cryptocurrency payments by larger companies. These companies tend to keep a record of every bitcoin transaction and of course tie each transaction to a user’s account, meaning there is, of course, the potential for government intervention.
Whilst this is a step in the right direction, we must keep in mind that this move does not include the true anonymity that should be provided through the use of the cryptocurrency but will, of course, be a useful move in the right direction for mass adoption of Bitcoin.
It should also be reiterated that this is merely speculation and at best a rumour from a historically reliable source that could be quickly put to rest, although the mass adoption by other large tech firms as well a sizeable petition to Jeff Bezos (CEO of Amazon) this summer may lead us to believe that this idea may finally be coming to fruition.
TLDR: James Altucher has speculated that Amazon will announce Bitcoin payments for their online services which should send the Bitcoin price surging.