Roger Ver, Bitcoin angel investor and evangelist, argues that Amazon has much to gain by accepting Bitcoin. He predicted that they will do so by year’s end.
Speaking to Sophie Shevardnadze on RT, he was asked about the potential business effects of transaction reversibility, which is found, for example, with credit cards. In his reply, he said:
“I think…I will predict actually, I’ll go out here on camera, I’m going to predict that Amazon.com is going to be accepting bitcoin by the end of this year”
In addition, “all the different businesses” will follow suit. It makes sense for them to do so: they can save 3% in credit card fees and pass a portion on to the consumer by offering a 1% discount whenever buying with Bitcoin. “And everybody is happy.”
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
To be sure though, it is likely that a company of Amazon’s magnitude gets a significant break when it comes to merchant fees. In addition, one must factor in the fees involved in the conversion of bitcoins to dollars, although Amazon would like get special treatment for that as well.
A few weeks ago, Amazon dismissed the prospect of accepting Bitcoin. VP Tom Taylor said:
“We’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage bitcoin.”
Earlier in the program, Shevardnadze asked Ver if the convenience of Bitcoin facilitating crime may induce a clampdown from authorities. “People wearing costumes and shiny badges” can do whatever they want, but it doesn’t make it right or give them the moral authority to do so. In the last century, governments rounded up more than 250 million people and executed them, so “I’m really not particularly interested in what the politicians think.” Thus, one of the things that excites him about bitcoin is that it’s technically beyond the control of politicians.