Will Amazon Accept Bitcoin?

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The cryptocurrency community is holding their breath in anticipation of an announcement that could boost the industry significantly and take the gold standard to the next level. Rumors have been spreading like wild fire that online retail giant Amazon may be accepting Bitcoin as a possible payment option.

The tech giant started in 1994 and has since grown into a billion dollar online business with retail websites in all major countries across the globe. Amazon is the largest internet company by revenue.

In light of this week’s hard fork/Segwit2x activation, all eyes are now turned to Amazon to confirm or deny these rumors of whether or not they will be accepting Bitcoin as a payment method. The source of the rumor is said to be both James Altucher and financial techno gurus at Silicon Valley. According to these sources and Altucher, a well-known investor, the announcement is expected ‘soon’.

Industry leaders were expecting an announcement on 26 October but the news has not been confirmed yet. All eyes are therefore on Amazon for a possible announcement that would mean a record weekend for Bitcoin.

This week, Bitcoin investors went gaga over the fork that occurred on Tuesday, which resulted in the release of Bitcoin Gold. The current price of Bitcoin is $5 829.20 according to Coinmarketcap, while Bitcoin Gold started off at around $900 but has since gone down to as little as $280 following traders pumping and dumping the so-called ‘free money.’

Experts are predicting that with the news that Amazon may be accepting Bitcoin, the price may increase yet again to $6 000 and even higher.

Several cryptocurrency community members have joined forces and signed an online petition, which is expected to be delivered to Jeff Bezos, the CEO of Amazon requesting that Amazon accepts both Bitcoin and Litecoin on the site.

It is interesting to note that one of Amazon’s leading competitors, Overstock has been accepting virtual currency since 2013 and the pressure has been on Amazon ever since to follow suit. However, should Amazon adopt Bitcoin, it will still be a first of its kind.

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