- Bitcoin is becoming an increasingly popular payment option for many companies.
- Fast food chains, large technology companies and leading beverage manufacturers are relying on cryptocurrencies.
- You can find more articles on Insider’s business page.
Seldom does a news cycle go by without the growing popularity of Bitcoin being mentioned by fans and skeptics alike.
Prices on trading exchanges fell around Thanksgiving last year – only to roar back, hitting an all-time high of $ 19,857 on November 30: a 177% year-to-date increase that marked the S&P 500’s 14% increase as an insider ashamed previously reported.
Then, last month, the cryptocurrency hit an all-time high and prices soared to $ 60,000. A peculiarity of the surge meant that two pizzas bought by crypto legend Laszlo Hanyecz would have been worth $ 613 million.
Bitcoin’s volatility is well known and has led many investors, including Warren Buffet, to criticize Bitcoin and other cryptocurrencies as “risky” and “worthless”. However, such warnings have not stopped more businesses from accepting the currency as an official payment option.
In February, Elon Musk announced that Tesla would accept Bitcoin as payment for all models of its cars in the United States. Additionally, Twitter CEO and Founder Jack Dorsey has teamed up with Jay-Z to create a Bitcoin foundation. The couple will invest 500 bitcoins to develop the currency in India and Africa.
Although Tesla stole the headlines, there are also hundreds of other well-known companies that are accepting cryptocurrency as a valid payment method across industries.
Burger King Venezuela accepts cryptocurrencies as a means of payment.
Restaurant Brands International is one of the world’s largest fast food holding companies. It’s the parent company of Burger King, Tim Hortons, and Popeyes.
Last year, Burger King Venezuela announced that it would accept Bitcoin and other cryptocurrencies. According to Yahoo Finance, the company worked with Cryptobuyer, a platform that enables the conversion of cryptocurrencies into normal currencies.
Yum Brands, which operates KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill, also accepts cryptocurrencies.
The company approved Bitcoin as a valid payment method at Pizza Hut Venezuela last year. According to Nasdaq, Yum Brands has also partnered with CryptoBuyer to initiate the adoption of crypto payment methods.
For a short time, KFC Canada accepted the cryptocurrency as payment for products like the Bitcoin Bucket through a partnership with BitPay via Yahoo Finance.
PayPal announced in October 2020 that starting in 2021, users will be able to buy, sell and hold selective cryptocurrencies through their Cash or Cash Plus accounts.
After a temporary suspension of accepting cryptocurrency as a valid payment method due to its volatility, Xbox will accept Bitcoin payments for Xbox Store credits.
Meanwhile, in October 2020, PayPal announced that users would be able to buy, sell and hold selective cryptocurrencies through their Cash or Cash Plus accounts starting in 2021, reports Yahoo Finance.
Users also have the option to learn and track crypto in their PayPal app.
Although Amazon doesn’t directly allow Bitcoin as a valid payment method, you can purchase Amazon coupons and gift cards through Bitrefill. This is a pure crypto company that allows users to top up subscription based services and then spend them on Amazon.
Coca-Cola Amatil announced a partnership with Centrapay last year to allow Bitcoin as an official payment method.
Coca-Cola Amatil is one of the world’s largest bottlers and distributors of non-alcoholic and ready-to-drink beverages in the Asia-Pacific region.
Last year the company announced its partnership with the online platform Centrapay in a press release. This enabled him to accept Bitcoin as the official payment method. There are around 2,000 vending machines in Australia and New Zealand that now accept cryptocurrency, according to a CoinDesk report.
According to Nasktq, Starbucks started testing Bitcoin payments through the app last year, Bakkt reported.
This week, the Digital Asset Marketplace app launched its digital wallet application that allows users to convert Bitcoin to USD to reload their Starbucks card.