Expedia Inc (NASDAQ: EXPE) introduced bitcoin as a payment option about a year ago. The company hoped to reach new users and meet the growing demand for digital payments by adding a bitcoin option.
However over the past 12 months, the travel website said it has seen a significant decline in the number of payments made using bitcoin, something which could be attributed to the cryptocurrency's marked decline.
Loss Of Value
Expedia's Senior Payments Product Manger Connie Chung told CoinDesk that bitcoin purchases on the site have declined by 40 percent over the past year. Chung said that drop makes sense when you look at how much value bitcoin has lost over the past 12 months. When bitcoin was added to Expedia's service in June last year, it was worth more than $600. Now, the currency is trading at just over $270 following a price rally earlier in the month.
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Bitcoin To Stay Put
While the decline in bitcoin payments suggests that consumers aren't as willing to use the cryptocurrency as merchants had predicted, Chung said Expedia plans to continue offering bitcoin as a payment choice for as long as there is some demand for it. She said the company's decision to incorporate bitcoin had little to do with the firm's stance on digital currencies and that it has simply been a way to meet customer needs.
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