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August 18, 2014, 03:48:02 AM |
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Asking for Amazon to accept bitcoin is a big case of be careful what you wish for, at least any time soon, that is. I'd wager the price needs to be 10x to 100x larger than it is now for Amazon to be able to start accepting bitcoin without having the price plummet. At least, this assumes that Amazon does what most companies do, which is convert to fiat immediately.
If, on the other hand, they keep their (hypothetical) bitcoin holdings in bitcoin, well then, that'd be good for us, the price would go up. But I'd be surprised if they did this for any sizable portion of any sales they make in bitcoin. Then again, who knows? Amazon doesn't act like most companies. Most companies try and develop profits off their revenue. Amazon, on the other hand, plows the money back into their business. So it's entirely possible that they would surprise me and hold on to a significant amount of their bitcoin holdings, far more than most retailers do. It's impossible to know for sure what they'd do, unless of course, they start actually accepting bitcoin. Then it'll likely be pretty clear fairly quickly which approach they decide to take.
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