Many thought Overstock's acceptance of Bitcoin as a form of payment would encourage other online competitors to follow suit but apparently that isn't happening. Cryptocurrency fans may be sad to learn that online retail king Amazon has no plans to accept Bitcoin.
Amazon payments boss Tom Taylor revealed as much during a recent sit-down with Re/code. During the interview, he noted that Bitcoin has received a lot of press lately and that they have considered it. But Taylor added that Amazon isn't hearing from customers that it's right for them and as a result, they don't have any plans within Amazon to engage Bitcoin.
Amazon isn't the only major online retailer to steer clear of the controversial virtual currency. Heavyweights eBay, Target.com and Walmart.com have showed zero interest in adopting Bitcoin as a form of payment.
Early this year, Overstock became the first major online retailer to accept Bitcoin. The move was apparently a good one as the company reported sales of nearly $1 million with Bitcoin during the first month alone. Since that time, others such as computer hardware and consumer electronics retailer Tiger Direct have joined the fray.
Bitcoin has been going through a bit of a downturn as of late but has rallied over the past few days. The currency dipped below the $400 mark but is now on the rise toward $500 per coin. Is it poised to make a return to the $1,000+ levels we saw around the end of last year?