Billionaire Elon Musk stirred optimism in February when he announced that Tesla purchased $1.5 billion worth of Bitcoin and the company accepts payment in cryptocurrency. Although this was the first time in the automotive industry, Musk's revolution was short-lived as he quickly reversed his decision due to pressure from environmental groups, given that the powerful and specialized computers required for mining Bitcoin consume enormous amounts of energy. This shift in May led to the erasure of over $360 billion from Bitcoin's market value in just one day, according to Yahoo Finance.
However, not all companies share Elon Musk's interest in green energy. Bitcoin's prominence is increasing, with some of the largest companies in America diving into the Bitcoin market and accepting it as a payment method, including giants like Tesla.
**Microsoft**
Microsoft became one of the early adopters of Bitcoin in 2014 when it started accepting cryptocurrency for games, applications, and other digital content for platforms like Windows Phone and Xbox.
**PayPal**
Microsoft's move came about three months after digital payment giant PayPal. At the time, Bitcoin was traded under the symbol XBT instead of BTC. PayPal's initiative aimed to attract businesses to its platform rather than consumers, focusing on Bitcoin transaction fees that were significantly lower than the 2%-3% fees that businesses were paying for credit card transactions.
**Overstock**
Before Microsoft and even PayPal transitioned to cryptocurrencies, Overstock.com was paving the way for these giants. A CNN report in 2018 described Overstock as "essentially a crypto company," given that the popular online e-commerce platform had already been a pioneer in accepting Bitcoin as a payment method since January 2014.
**Whole Foods**
In May 2019, the cryptocurrency dam broke when a startup payment company called Flexa partnered with Gemini, a cryptocurrency firm, allowing major retailers to integrate Flexa into the digital scanners they were already using to accept payments via Apple Pay and other digital wallets. This technology instantly converted Bitcoin to dollars for purchases. Whole Foods was among the first major retailers to adopt this technology. While Whole Foods is owned by Amazon, Amazon itself currently does not accept Bitcoin for purchases through the largest online retailer in the world.
**Etsy**
Etsy does not have a platform to accept Bitcoin as a payment method site-wide. However, independent sellers on the platform can choose to accept cryptocurrencies in their individual stores. It's up to the seller to add an "other" payment option at checkout. When buyers click this option, they can communicate their payment preferences, including Bitcoin, and the seller responds with a Bitcoin address to complete the transaction.
**Starbucks**
In March 2020, as masks began to cover faces across America and the world, Starbucks announced that it was joining the Bitcoin revolution, albeit timidly. You cannot pay for a Frappuccino with Bitcoin directly, but you can add Bitcoin—along with other things like gift card balances and frequent flyer miles—to the Starbucks app and pay this way. This upgrade was made possible through a third-party digital wallet app called Bakkt, which converts Bitcoin to dollars for payments that are not only possible but instant.
**Newegg**
Newegg, the online electronics giant, accepts Bitcoin and has made everything easy. Unlike others that require you to convert cryptocurrencies into cash through a third-party app or service, Newegg allows direct payments. For shoppers buying through a computer, all they need to do is select "pay with Bitcoin" and browse shipping options. For mobile shoppers, Newegg sends a QR code to scan. Additionally, for anyone looking to start mining Bitcoin themselves, Newegg sells cryptocurrency mining starter kits.
**Home Depot**
Home Depot also utilizes the Winklevoss/Flexa system—the same system that allowed Whole Foods to accept Bitcoin through its scanners without investing in new hardware. Retailers must present their budgets in dollars regardless of the payment method they accept, which has long been a significant hurdle for businesses wanting to accept Bitcoin but unsure how.
**Rakuten**
The Japanese shopping site Rakuten began allowing users to choose Bitcoin as a payment option in 2015 as part of a global Bitcoin rollout, starting with its U.S. site before expanding the new service to its counterparts in Germany and Austria. Rakuten made this possible by integrating the Bitnet payment processing platform into its marketplaces. It has since developed Rakuten Wallet, which expanded to support alternative cryptocurrencies like Bitcoin Cash and Ethereum, allowing users to top up their Rakuten Cash balance using cryptocurrency assets.
**Twitch**
Twitch, also owned by Amazon, accepts cryptocurrencies—not just Bitcoin. Users can pay with Bitcoin but also Bitcoin Cash and Ethereum, as well as lesser-used currencies like BUSD, PAX, GUSD, USDC, and Ripple.
