In any bear market, you will find people out there searching for any positive nugget of news that they can find. This is especially true in the world of cryptocurrency, where this type of news is referred to as “hopium” by many in the industry.
For ten years now, many crypto purists have preached the importance of brick-and-mortar adoption in order for the industry to grow. Indeed, one of the key use cases for cryptocurrency is its potential to provide a more efficient way of conducting global trade and commerce.
Now, it seems that one of the world’s largest retailers may be warming up to crypto. In an interview with Yahoo Finance, Walmart’s Chief Technology Officer (CTO) Suresh Kumar was quoted as saying “Crypto will become an important part of how customers transact”.
Not just a rumor
This isn’t the first time crypto news has swirled around the retail giant, but this time it’s not just a rumor. Back in 2021 a rumor began circulating regarding crypto OG project Litecoin (LTC) working with Walmart on a new project. The rumor appeared so substantiated that even the official Litecoin Foundation twitter re-posted the news. This rumor caused the price of Litecoin to jump 30% on the “news” until eventually both the Litecoin higher-ups and Walmart itself squashed the rumor.
A move in the right direction.
While the Walmart executive didn’t list specific coins or timelines, the news is a move in the right direction for cryptocurrency. As more and more big names like Walmart begin to take notice of crypto, it is only a matter of time before we see more widespread adoption.
Kumar continued by saying that he envisions a future where (these) digital assets could be used in both Walmart’s online platform, as well as in the virtual world (metaverse?).
When it comes to innovation and disruption, no company is immune – not even Walmart. In recent years we’ve seen the rise of e-commerce giants like Amazon put pressure on traditional brick-and-mortar retailers. So it should come as no surprise that Walmart is looking for new ways to stay ahead of the curve.
While many will view this news as a positive development, it’s important to remember that Walmart is a profit-driven company above all else. So while they may be open to the idea of cryptocurrency, we shouldn’t expect them to start accepting Bitcoin (BTC) as payment in any of their 10,000 brick-and-mortar stores any time soon.
For now, we’ll just have to wait and see how this plays out. But one thing is for sure – the mainstream adoption of cryptocurrency is well on its way. And hey, who couldn’t use a bit of “hopium” in this increasingly cold, crypto winter?