One of the leading e-commerce companies globally, eBay, has revealed its plan to integrate a payment system that could see the e-commerce company accepting payment in Bitcoin.
In an interview with THESTREET, the CEO of eBay, Jamie Lannone, said the company is already discussing the possibility of accepting cryptocurrencies for some time now. But in the coming days of the month, the company will begin implementing the various things needed to begin accepting Bitcoin and other digital currencies.
The statement by the CEO indicates the readiness of the e-commerce behemoth to begin accepting payment in Bitcoin and other cryptos. Still, some industry experts doubt the company’s decision, considering how some company executives are not ready to give crypto adoption a chance.
Corporate Hesitance
It appears many insiders in the crypto industry are not trying to let the excitement of the announcement go overboard simply because of the tendency of the corporate leadership board to shrug off anything that has to do with cryptocurrency use.
Many such companies frown at the mention of digital currency as a medium of exchange due to price volatility.
However, smaller startups and firms always appear ready to adopt top-performing digital currencies in their payment systems, as seen by the recent bounce in cryptocurrency payments. Unlike small companies and startups, most large corporations who are used to decades of using the conventional financial and transactions system do not appear to be swayed by the new changes in the financial sector.
Some crypto industry experts even have a contrary opinion on whether eBay may become the first among other e-commerce chains to adopt crypto payments. There might even be a possibility of Amazon or Walmart sidestepping eBay and becoming the first to integrate digital payment.
Can eBay Impact Price Dynamics?
There have been many instances where a simple announcement about a cryptocurrency by a business behemoth often lead to price speculation and shooting the value of a coin up. Events like these make some analysts ask about the impact of eBay on the price of Bitcoin should the BTC be used for payment on the e-commerce store.
It is interesting to note that NFTs are currently traded on eBay, but the e-commerce company has never once advertised such because it is just like selling other stuff, said eBay CEO, Lannone.
Should eBay adopt one of the most secured Blockchain networks like Bitcoin in its payment platform, the move would allow millions of BTC owners to buy and sell without the need to convert their coins into fiat currencies.
Additionally, some people earn their money in Bitcoin and would appreciate using a feature like this, not just on eBay but also on other platforms. Convenience is the selling point here, which explains why most businesses are looking to lure as many cryptocurrency users as possible.
As Bitcoin’s use becomes more widespread and the imminent adoption by eBay may pave the way for positive effects on the value of the leading cryptocurrency.