Will the rapid growth and tremendous popularity of digital currencies continue to push them into the mainstream? If one recent rumor is true, that shift could happen much more quickly than a lot of analysts might have predicted. According to Coin Telegraph, an unverified rumor has been circulating that Amazon.com, Inc. (AMZN), the e-commerce giant which stands as one of the largest and most prominent companies in the world, may begin to accept bitcoin as a payment method as early as October. If this is true, the worlds of internet commerce and digital currencies may merge in a dramatic fashion, permanently altering the way that shoppers buy and sell goods online.
Squawker.org Rumor Spreads Quickly
The rumor of Amazon's bitcoin plan seems to have originated from a report on Squawker.org, with additional surveys suggesting that the company might stand to benefit from a financial standpoint if it decides to adopt Bitcoin payments. As of yet, no official announcement regarding any digital currency plans has been made.
Where did the rumor originate? In the Squawker.org article, investor James Altucher is pinpointed as a potential source. The article suggests that Altucher may have an inside track into early information from Amazon. Still, regardless of Altucher's take or potential information, an announcement of this type is within the realm of possibility regardless. Online retailers have been slowly moving toward accepting bitcoin and other digital currencies, and it may be only a matter of time before a behemoth like Amazon follows suit. Overstock CEO Patrick Byrne indicated that he would "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."
Enterprise Tech Companies Moving Toward Cryptocurrencies
There is already a trend among enterprise-level tech companies that have moved toward cryptocurrencies. Similar rumors have swirled about Google potentially accepting bitcoin within its Google Store. PayPal and other similar companies already accept this form of payment. Beyond that, Amazon users have been petitioning CEO Jeff Bezos to begin accepting cryptocurrency payments. The Coin Telegraph report suggests that a shift toward bitcoin payments may occur as early as October 26th of this year.
Of course, this entire rumor is just that, and there has as of yet been no credible verification that Amazon will adjust its forms of payment accepted at this or any other time. However, if the cryptocurrency movement continues to grow, it's likely that Amazon and similar tech and retail giants will need to consider adopting digital currencies as forms of payment in order to maintain their dominant positions. Whether or not cryptocurrencies overtake fiat currencies at any stage in the future, many investors and analysts believe at this point that they are here to stay.