The crypto community is once again stunned by the news that Walmart is hiring a digital currency product manager in hopes that the multinational company may soon accept bitcoin or another cryptocurrency.
However, this news should be taken with a grain of salt, as Amazon shocked the world when it advertised a similar position and later denied any plans to adopt cryptocurrencies.
Cryptocurrencies have seen a 360-degree expansion in recent years, reaching a number of sectors. From banking to cars to beverages, cryptocurrencies are growing by leaps and bounds.
In the United States, the rise of cryptocurrencies can be seen in major companies like Apple, Microsoft, PayPal, and others. Even America's largest bank, JP Morgan Chase, has officially launched crypto asset investment, according to CoinIdol, a world blockchain news outlet.
In 2009, there was only one cryptocurrency, Bitcoin, with a value of just under $10 per coin. About a decade later, bitcoin's price reached an all-time high of $12,817.17. According to CoinMarketCap, the total market capitalization of cryptocurrencies has reached nearly $2 trillion. Today, there are more than 4,000 cryptocurrencies and at least 5,000 altcoins worldwide.
In the past decade, e-commerce grew by 15%, and in 2020, shortly after the outbreak of the coronavirus pandemic, this growth doubled in most parts of the world. In the United States, e-commerce reached $790 billion this year, up from $598 billion last year.
The rise of e-commerce was accompanied by the introduction of cryptocurrencies. Microsoft, Newegg, Overstock, Planet Express, AT &T and others were some of the first e-commerce companies to accept cryptocurrencies for transactions.
It looks like the biggest e-commerce companies like Amazon and Walmart are equally interested in cryptocurrencies. Amazon was looking for a product manager for digital currencies and blockchain in July before clarifying that it was not interested in accepting bitcoin or other cryptocurrencies anytime soon.
Now, America's largest company, Walmart, is hiring an expert with a "passion for digital currencies" to develop and manage digital currency strategy for Walmart at its Arkansas headquarters. This could be an opportunity for a cryptocurrency professional to join Walmart's 1.5 million employees and help drive adoption of cryptocurrencies.
However, there is no guarantee that the world's third largest supermarket chain will adopt cryptocurrencies for its transactions anytime soon. Based on Amazon's similar job posting last month, the cryptocurrency community was initially excited but became disappointed when the company clarified that it had no plans to accept cryptocurrencies. There is no doubt that history could repeat itself.
Walmart is currently diversifying its payment options to offer more convenience to its customers. Currently, the company accepts ten payment methods, including credit and debit cards, PayPal, and Walmart's own card. Cryptocurrencies would be a great addition to Walmart's payment pool. In 2021, at least 240 million customers, representing more than 70% of the American population, visited Walmart stores on a weekly basis. If Walmart accepts cryptocurrencies, it would greatly accelerate the adoption of cryptocurrencies in the world.
Although Walmart is currently hiring a digital currency expert, the cryptocurrency community should remain calm and wait for official announcements. The adoption of digital currencies by large companies and corporations is still questionable.