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Cryptocurrency expert explains when Asda, Tesco, Morrisons could start accepting Bitcoin

Birmingham Mail logo Birmingham Mail 09/08/2021 Chris Harper

Cryptocurrency has become a massive part of our lives and there are many people who believe in its future.

Coins like Bitcoin and Dogecoin continue to be held and increase in price as decentralised currency begins to become accepted by companies.

Tesla CEO Elon Musk started accepting payments through Bitcoin before shutting it down due to the criticism that the amount of carbon emissions it produces.

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However, more and more companies are beginning to accept cryptocurrencies for products.

In 2017, Lush allowed customers to use cryptocurrency. A spokesperson at the time said: "It will allow us to develop new ways of working within our business, with our global suppliers (often based in small local communities, in developing countries) and with charitable donations, allowing more transparent and secure transactions, with no hefty charges, exchange rates or fees."

Experts in the field believe that it can't be long before other major retailers will start accepting it.

It is thought Amazon could be preparing to allow purchases with cryptocurrency as it began advertising for a digital currency and blockchain product lead role, designed to look at “how Amazon’s customers pay”.

City AM quoted an anonymous source which claimed the e-commerce giant “definitely” planned to take Bitcoin payments in the future.

"As soon as Amazon accepts crypto, everyone is going to follow suit – the likes of Tesco, Walmart and Asda are going to jump on board," James Gale, CEO of Koda Cryptocurrency told the Grocer.

"They are not going to want to be left behind."

Meanwhile, the price of Bitcoin has began to rise steadily after it suffered massive losses earlier in the year.

The cryptocurrency reached $45,768 on Monday, according to CoinMarketCap’s price index, having traded below $30,000 as recently as three weeks ago.

The bounce back has inspired a market-wide comeback, with other leading cryptocurrencies also seeing significant price rises in recent days.

One of the best performing bitcoin rivals has been Ethereum (ether), which has surged more than 20 per cent over the last week to return above $3,000.

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