Got bitcoin burning a hole in your pocket? Many companies are beginning to see cryptocurrencies as a valid payment option for the wares they sell. Still, Morgan Stanley recently published a report detailing that only 0.6 percent of the top 500 online retailers accept bitcoin (down from 1 percent in 2016).
With this in mind, Benzinga compiled a short list (not exhaustive) of major retailers that accept the most commonly traded cryptocurrency, bitcoin.
- Overstock.com, Inc OSTK: The first large online retailer to accept bitcoins has also been one of its most staunch supporters. In a July interview with Business Insider, Overstock executive Jonathan Johnson called it “crazy” that more retailers don’t accept bitcoin. Tuesday morning, the company announced it is now accepting all major "alt-coins," including Ethereum, as payment.
- Expedia, Inc EXPE: Since mid-2014, travelers have been granted the option of booking their hotel destination through Expedia with bitcoin.
- Paypal Holdings PYPL and eBay Inc EBAY: Even before PayPal was spun off from eBay, plans for the payment processor and the famous e-commerce marketplace to begin accepting crypto currency were already announced. Through integration with daughter company Braintree, merchants can accept bitcoin payments.
- Shopify Inc (US) SHOP: An early adopter, this online platform lets merchants set up their own online shops and choose to accept bitcoin attempts with the help of BitPay, a global bitcoin payment service provider. Etsy Inc ETSY, a Shopify peer, operates similarly.
- DISH Network Corp DISH: One of the biggest companies to date to accept bitcoin, DISH partnered with digital asset exchange Coinbase, allowing customers to pay their cable bill in crypto currency.
- Microsoft Corporation MSFT: The Christmas of 2014 brought the gift of crypto coin acceptance for fans of both bitcoin and gaming, as Microsoft enabled users to purchase content in their Windows and Xbox stores. Microsoft is also modifying its Excel 2017 software to analyze bitcoin.
The Elephants Not In The Room
Clearly, there are three pretty notable names absent this list, as Amazon.com, Inc. AMZN, Wal-Mart Stores Inc WMT and Alibaba Group Holding Ltd BABA have all been reticent to adopt bitcoin or any other cryptocurrency.
An Alibaba spokesperson said the company doesn't "have a plan for evaluating whether we will/when we will begin to accept bitcoin or other cryptocurrencies."
Notorious volatility, lack of governmental backing (in the way the dollar is backed by the full “faith and credit” of the U.S., for example), and regulatory uncertainty all may serve to keep some major companies at bay for the near future.
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