In this article we are going to list the Top 15 Biggest Companies That Accept Bitcoin. You can skip our detailed discussion about the reasons behind the latest Bitcoin rally, the future prospects of the cryptocurrency and go to 5 Biggest Companies That Accept Bitcoin.
Bitcoin kicked off 2021 with a bang. The cryptocurrency smashed through the $51,000 milestone on Feb. 18 and analysts are becoming bullish on the coin by the day. Wedbush’s analyst Dan Ives recently said in a note to his clients that Bitcoin has become a much bigger story than merely a price game. Ives said that the recent growth in Bitcoin and its growing acceptance will have important ramifications over the next ten years.
"We believe the trend of transactions, Bitcoin investments, and blockchain driven initiatives could surge over the coming years as this Bitcoin mania is not a fad in our opinion, but rather the start of a new age on the digital currency front," Ives said.
As Bitcoin continues to barrel through new highs, analysts who were skeptical of the cryptocurrency are starting to have second thoughts. Even though JPMorgan Chase this week warned that Bitcoin’s current price looks “unsustainable” amid the huge flux and volatility, the firm was recently reported to be considering to begin accepting Bitcoin. According to CNBC, JPMorgan co-president Daniel Pinto and other executives said in a Zoom call with employees that as investment firms, retail investors and asset managers begin to trade Bitcoin, JPMorgan “will have to be involved” with the cryptocurrency.
With each passing year, Bitcoin is gaining significant prominence and legitimacy in both the mainstream consciousness and the business world. Bitcoin has taken the world by storm, paving the way for the new standard of cryptocurrency and what it means to be a truly global society.
There are many buzzwords associated with Bitcoin, such as cryptocurrency, blockchain, and mining. But what do they all mean? What exactly is a Bitcoin and how did it come about? Bitcoin, to put it simply, is a form of cryptocurrency, or virtual currency. Unlike traditional currencies like dollars and pounds sterling, cryptocurrency is not physical cash. Nowadays there are many other cryptocurrencies such as Ethereum, XRP and Tether to name a few. But Bitcoin is the original, most famous, and most significant of all cryptocurrencies. It was invented by Satoshi Nakamoto in 2009. Bitcoin is based on the blockchain technology, a system of recording information in such a way that it cannot be hacked or cheated. It may be considered as a distributed ledger technology or DLT which allows data to be stored on thousands of servers across the world. Every transaction of Bitcoin is recorded on this blockchain, serving as public list. All Bitcoin transactions are public. Blockchain plays a key role in authentication and authorization of Bitcoin transactions.
Why Is Bitcoin Soaring to New Highs?
Perhaps the biggest reason behind the recent Bitcoin rally is that major companies and investors are finally throwing their weight behind the cryptocurrency. Earlier in February, Tesla stunned the Wall Street when it announced that it had bought $1.5 billion worth of Bitcoin and plans to start accepting the currency. Billionaire investor Paul Tudor Jones recently said that Bitcoin is just getting started and currently in its “first inning.” Jones also said that Bitcoin is the best inflation hedge. Twitter’s founder and CEO Jack Dorsey along with rapper Jay Z launched a Bitcoin development fund by investing 500 Bitcoins. Dorsey said that it will be a "blind irrevocable trust" focused on Africa and India. Square also recently bought $50 million worth of Bitcoin. All of these developments are causing Bitcoin to soar, as the currency gets legitimacy and acceptance across the board.
There are hundreds of companies that accept Bitcoin as a valid payment method. Amid liquidity crisis of Bitcoin, people are more interested in using the currency to trade and shop online. That's why in this article we are going to list the 15 biggest companies that accept Bitcoin.
15. Twitch (Private)
Ad revenue of the company: $300 Million
Total Employees: 5,947
Amazon-owned company Twitch is a video streaming service platform especially popular among the younger generation. The company has seen a noticeable increase in broadcasters with 1.44 million concurrent users in March 2020. In 2014, Twitch announced the option to pay for its services with Bitcoin and Bitcoin Cash, but then went on to remove it in 2019. In June 2020, this option was brought back, with the company offering subscribers a 10% discount if they pay using cryptocurrencies. Twitch works with US-based BitPay to process its crypto payments.
Gil C / Shutterstock.com
14. Restaurant Brands International Inc. (NYSE: QSR)
Total revenue of the company: $5,600 Million
Total Employees: 6,300
Ranking 14th on the list of 15 biggest companies that accept Bitcoin is QSR. Restaurant Brands International is the parent company of Burger King and Tim Hortons. In 2020, Burger King Venezuela announced that it has begun accepting various cryptocurrencies including Bitcoin. This is in collaboration with startup Cryptobuyer, which oversees conversion of cryptocurrencies to normal currency. Burger King Germany had also allowed the use of Bitcoin for purchases for a limited period in September 2019.
13. Etsy, Inc. (NASDAQ: ETSY)
Total revenue of the company: $877 Million
Total Profits: $77 Million
Total Employees: 1240
American electronic commerce website Etsy ranks 13th on the list of 15 biggest companies that accept Bitcoin. The company is a fan favorite for consumers interested in handmade or vintage items and craft supplies. Launched in 2005, the company has grown into one of the fastest growing firms in the past three years.
Although Etsy does not currently have an automated system in place to accept Bitcoin, vendors can specify the acceptance of Bitcoin in their advertisements to attract Bitcoin spenders by enabling the ‘Other’ method in Finances section of Etsy Shop Manager.
12. Overstock.com, Inc. (NASDAQ: OSTK)
Total revenue of the company: $1,800 Million
Total Profits: $12.5 Million
Total Assets: $485 Million
Total Employees: 1800
One of the largest online retailers of the world, Overstock.com is an American service selling designer brands and home goods to customers online. It was founded in 1999 by Patrick M Byrne and is based in the Utah's capital Salt Lake City. The company is quite supportive of digital currency, allowing Bitcoin as a form of payment since 2014. They do this by partnering with Coinbase, a Bitcoin wallet service that allows consumers to buy, sell, send, and receive Bitcoins. This option is not available for the mobile website. However, orders paid with Bitcoin cannot be combined with any other method of payment other that Overstock.com gift cards, in-store credit, Club O rewards, or coupons, according to company policy.
11. Coca-Cola Amatil Limited (ASX: CCL.AX)
Total revenue of the company: $3,526 Million
Total profits $1,293 Million
Total employees: 14,700
Coca Cola distributor Coca Cola Amatil, responsible for bottling and distributing the soft drink to the Asia-Pacific region, announced a partnership with digital assets platform Centrapay to allow Bitcoin as a payment option. The company has about 2,000 vending machines that accept cryptocurrency.
urbanbuzz / Shutterstock.com
10. Yum! Brands, Inc. (NYSE: YUM)
Total revenue of the company: $5,597 Million
Total Profits: $1294 Million
Total Employees: 34,000
Yum Brands is one of the world’s leading restaurant companies, with recognizable brands like KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill under its belt. Bitcoin was accepted as payment at KFC Canada for a limited time, with products such as the Bitcoin Bucket being marketed to Bitcoin holders. This was possible through collaboration with BitPay.
Pizza Hut, another restaurant chain owned by the establishment, has announced acceptance of Bitcoin and other cryptocurrencies in Venezuela. The company partnered with Cryptobuyer for this initiative.
Nils Versemann / Shutterstock.com
9. Rakuten, Inc. (TYO: 4755.T)
Total revenue of the company: $10,587 Million
Total Profits: $1,603 Million
Total Employees: 12,981
Based in Tokyo, Japan, Rakuten is a Japanese electronic commerce and online retail company. The company’s major holdings include the United States company Rakuten.com, France’s Rakuten.fr, Germany’s Rakuten.de and Austria’s Rakuten.at.
In March 2015, Rakuten Inc announced its plans to allow customers to select Bitcoin as a form of payment. This was done by integrating Bitnet’s payments processing platform on some of its marketplaces, namely Rakuten.us. Rakuten.de, and Rakuten.at. Bitnet Technologies is a San Francisco-based startup which Rakuten invested in shortly before announcing this decision. It has remained a strong supporter of the potential of Bitcoin and cryptocurrency and was one of the first major companies to accept it as a form of payment.
8. Whole Foods Market Inc. (NASDAQ: WFM)
Total revenue of the company: $15,724 Million
Total Profits: $507 Million
Total Assets: $6,341 Million
Total Employees: 73,515
Headquartered in Texas capital Austin, Whole Foods Market is one of the most recognizable supermarket chains worldwide. The company boasts 500 locations across Canada, United Kingdom, and the United States.
In 2019, Whole Foods partnered with Flexa's “Spedn" app to start accepting Bitcoin as a payment method.
Ken Wolter / Shutterstock.com
7. PayPal Holdings, Inc. (NASDAQ: PYPL)
Total revenue of the company: $20,299 Million
Total Profits: $3,142 Million
Total Assets: $51,333 Million
Total Employees: 23,200
PayPal Holdings Inc. is an American company which facilitates payments between parties through its online money transfer system worldwide.
In October 2020, PayPal announced that users in the United States can buy, sell, and hold a select few cryptocurrencies directly through their accounts using their Cash or Cash Plus account starting 2021. They will also be able to learn and track crypto within their PayPal app. In 2021, Venmo will also have access to this service and cryptocurrency will be recognized as a funding source for purchases. Bitcoin will be a valid currency that a consumer can select as a funding source when purchasing from its network of more than 26 million merchants. Bitcoin will instantly be converted to fiat currency and the transaction will be made.
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6. Starbucks Corporation (NASDAQ: SBUX)
Total revenue of the company: $26,509 Million
Total Profits: $3,599.2 Million
Total Assets: $19,219.6 Million
Total Employees: 346,000
Founded in 1971, Starbucks corporation is an American multinational chain of coffeeshops and roastery reserves. It is headquartered in the Washington capital Seattle and is known as the world’s largest coffeehouse chain. It is operated in over 70 countries with 30,000 locations worldwide.
When the news of Starbucks accepting Bitcoin as a form of payment was initially floated online in 2019, it was met with a disappointing clarification from the company itself. Starbucks said that Bitcoin payments would be accepted soon, but not directly and not until mid-2020. The company last year started testing accepting Bitcoin payments through Bakkt application.
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Disclosure: None. 15 Biggest Companies That Accept Bitcoin is originally published at Insider Monkey.