Internet giant eBay could finally integrate Bitcoin payments by the end of March. In a telephone interview with Thestreet, eBay CEO Jamie Iannone is open to the acceptance of Bitcoin and Co. on eBay. “We don’t currently accept cryptocurrencies, but on March 10, we’re going to deepen all of these things: payments, advertising, our focus categories.”
Does this mean that by end of March, one of the largest internet marketplaces could integrate Bitcoin? Or will Amazon and Walmart try to steal the first place for the Multinational-Ecommerce-Adoption-Award?
It’s rather unlikely considering how hesitant corporate leaders have been so far to support Bitcoin and Lightning. Smaller companies and startup like Travala, a website that allows to book hotels and flights, are faster to innovate. Travala have integrated Lightning just recently after years of bitcoin business.
But back to eBay. Will the bay be a Bitcoin bay soon? And how could this move impact the bitcoin price dynamic? We have seen it in former cycles that a number of corporate announcements can add up and catapult the bitcoin price higher. Already today, NFTs are traded on eBay although the platform never promoted them. “Without announcing or doing anything, people started trading NFTs. It reminded me of the time many years ago when people just started selling cars.” Iannone explained.
The NFT hype could fade out and die a slow death once people realize JPEGS can’t be non-fungible. Nevertheless, a general trend towards innovative blockchain tech is undeniable. If eBay makes use of the most secure blockchain (Bitcoin) as a payment option, it would allow millions of bitcoin users to easily buy and sell products without having to convert into USD or other fiat currencies before. People who are fully living on bitcoin or earn a portion of their salary in bitcoin would likely make use of this feature. And users seeking to sell dead assets to stack cheap Sats would love that feature too.
Demand for internet native payments has soared as bitcoin use has increased at a rapid pace, driving businesses to implement bitcoin payment options. According to a recent survey 75% of Crypto.com users and 60% of Worldpay users desire to swap their goods and services for cryptocurrency.
Most recently, eBay had also allowed Apple Pay and Google Pay on the platform – they wanted to make the platform attractive to younger users again. The integration of Bitcoin on eBay has been in the drawers of the e-commerce giant for some time. As early as 2021, news were reported on possible plans to integrate bitcoin payments. They’ve got the right ideas, but will they also have the balls?
Let’s not forget that PayPal, which used to be a wholly owned subsidiary of eBay from 2002 to 2015, has already opened the gates to bitcoin. Does something smell bullish?
Major e-commerce platforms such as Amazon have still not taken advantage of Bitcoin and Lightning. Almost none accept digital currencies as a means of payment. The reason is obvious. They are large corporate structures, closely tied to the status quo. They move slow. But when they do, they can make the service available to millions of users. It’s safe to say it would become the topic of conversation if eBay decides to adopt bitcoin.
The most interesting part of this announcement is probably the fact that it could indeed result in a domino effect. If eBay moves forward aggressively now they can score a lot of marketing buzz. Amazon, Walmart and others would need to catch up.
Whether it’s hot air again or a serious plan, I would definitely log into my eBay account again after years. Imagine you can sell your chair. On eBay. For Sats.