The Next Big Catalyst For Bitcoin?

Amazon could start accepting bitcoin – following the way of Overstock. But consider this: Amazon does 75x the amount of revenues that Overstock does, generating $150 billion in sales. Amazon could break the news on its Oct. 26 earnings call.

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While it might be a long-shot, it’s a state of where we are with bitcoin adoption. Retailers can’t ignore the cryptocurrency anymore and this is the major adoption catalyst we need. Google might also be looking to accept bitcoin base on Google’s API. These moves could change bitcoin from a store of value and investment to an actual currency. Bitcoin is mostly used as an investment, especially in the U.S. People don’t want to use their bitcoin because they don’t want to miss out on future gains, i.e. the guy that used 10,000 bitcoins to pay for 2 pizzas in 2010 would have $20 million today.

Assuming Amazon does start accepting bitcoin, it’ll be a near-term boost in the price. It’d also add validation for bitcoin in the eyes of other retailers and hopefully banks - here’s looking at you Jamie Dimon (JPMorgan CEO). More importantly, helping make bitcoin a multi-faceted asset that has real adaptability.

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Charlie Munger is perhaps best-known as the vice chairman of Berkshire Hathaway, where he has been Warren Buffett's longtime business partner. As well as holding this position, he also servers as the chairman of the Daily Journal Corporation and is a director of Costco Wholesale Corporation. Munger started his investment career in the 1960s when, Read More

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Article by Millennial Investing