As of this writing, Bitcoin is worth approximately half of what it was six months ago and remains incredibly volatile.
Predictably, those who didn’t believe in cryptocurrency are coming close to outright gloating.
The latest corporation to join a litany of “those who accept Bitcoin as payment” is Gucci; the fashion giant announced last week that it will accept Bitcoin as payment.
While this by itself isn’t a major development, it simply adds to a list of companies that will accept Bitcoin, either directly or through a third-party platform, for goods and services.
“This might sound cliché, but Bitcoin is becoming too big to fail,” says MacguyverTech CEO Steve McKeon.
It isn’t going to do anything.” One of the biggest drawbacks early on was that it was difficult to move Bitcoin to a form of currency that was widely accepted, like the U.S.
Today, one can buy a BMW to drive around and shop at Starbucks, Home Depot, Gucci, and Whole Foods, buy a home or rent an apartment through numerous real-estate companies, plan and pay for a vacation through Expedia, or just stay at home and shop on Amazon, Overstock or Etsy.
For example, the aforementioned Jamie Dimon authorized Bitcoin to be used in client investments last year and has softened his cryptocurrency stance considerably.
While the immediate outlook for Bitcoin is still murky, the adaptation by retailers, investors, and financial institutions is a sign that people might say they don’t believe in Bitcoin, but their actions…well, as they say, actions speak louder than words.