A few days ago, a newsletter presented the idea of Amazon accepting Bitcoin in October. Besides this, Squawker wrote an article about it. The article went viral with more than 8,700 shares. But how true is it? Who’s the person announcing this?
James Altucher – Cryptocurrency Trader or Con Artist?
The article mentioning Amazon would accept Bitcoin payments is written by James Altucher. He is a hedge fund manager, venture capitalist, entrepreneur, best-selling author and podcaster – according to wikipedia. He published 17 books and sold Reset Inc. for $10 million in 1998 then proceeded to be a trader for several hedge funds. In 2006, Altucher founded StockPickr which was sold later on to TheStreet for $10 million.
While he sounds like a respectable business person, his latest offer is not something to be proud of. On a post on altucher.org – he offered a free master class on Cryptocurrencies. According to his master class, almost any cryptocurrency has almost 0% risk of losing your funds while its extremely possible to get a x,xxx% return. And everything just to sell a one year issue of Altucher Report for $49. Or for two years at $89.
But what’s worse is that he’s misleading people. As he mentioned there, Amazon will start accepting Bitcoin payment starting October 26th. This rumor however, is still unverified and there’s a small percent this would happened this fast. By selling his report to people and convincing them to invest in cryptocurrency – he would help the cryptocurrency market for the moment, but not on the long run. A lot of people would invest poorly and lose their funds. People would also start investing in any ICO that appears only to get rich. And this is how a bubble would be created.
A “get rich quick” is probably the last thing the cryptocurrency market needs right now. As the time goes, it’s important to spot the clean worth projects that actually solve a real life problem.
So, will Amazon accept Bitcoin starting October 26th 2017?
Absolutely not. You probably have bigger odds winning the lottery. Why? Firstly, Bitcoin is not ready for this from the technological point of view. Secondly, it will take a few months to educate their employees to offer support to people paying with Bitcoin. Thirdly, it hasn’t been confirmed anywhere. Right now, its just a rumor used by James Altucher to sell his yearly subscriptions. Tone Vays have also the same opinion regarding this.
While Bitcoin might not be accepted on Amazon now, it will surely be in the future. As PayPal and Ebay already accepts it, it’s just a matter of time until Amazon will do it too.