Bitcoin’s Record Surge Can Still Go Higher With This Industry Player on Board
Bitcoin’s latest upsurge has many investors asking: how high can it go? The answer is much higher – if this e-commerce juggernaut start accepting cryptocurrency.
Amazon Rumors: Fact or Fiction?
Rumors about Amazon’s interest in bitcoin are abundant, with some analysts suggesting it is only a matter of time before the online retailer caves into demand and starts accepting cryptocurrency. Though unverified, speculation of this nature does appear to be making an impression on the blockchain community.
Some bitcoin bulls believe Amazon could make its interest in cryptocurrency known during its next investor call Oct. 26. This unverified claim has appeared in numerous reports circulating on the internet.
There’s even an online petition to convince Jeff Bezos to Start accepting the digital currency as a payment method on Amazon. Clearly, this is a topic that many crypt enthusiasts are following with keen interest.
Whether you believe the rumors or not, there’s no urgency for Amazon to integrate crypto payments anytime soon. The company generated nearly $136 billion in revenue last year, which means cryptocurrency payments would only be a drop in the bucket. Still, it would be a watershed moment for the blockchain community to see bitcoin accepted on the world’s biggest shopping platform.
According to Naeem Aslam of Think Markets UK, investors should pencil in a $7,000 year-end price target for bitcoin should Amazon join forces with cryptocurrency.
Of course, acceptance by Amazon would likely compel other retailers to follow suite. Alibaba, Asia’s biggest online shopping platform, and eBay would likely be the next targets of speculation.
Bitcoin is already accepted in hundreds of thousands of merchants locations worldwide. That number is expected to rise significantly now that Japan has legalized the payment method.
BTC/USD Price Levels
Bitcoin (BTC/USD) reached an all-time high of $5,240.00 on Thursday, according to Bitfinex. That represents a gain of over $400 on the day. Prices are still trading just north of $5,200.00 at press time for a gain of more than 8%.
Bitcoin’s market cap has surged to $86.5 billion, according to CoinMarketCap. That’s roughly 54% of the total market cap for cryptocurrency.