Amazon To Make Bitcoin a Payment Option?
After Amazon was rumored to accept crypto payments on its various platforms, the giant e-commerce company has finally taken time to address the speculations. Is there any truth to these claims?
Hopeful Reports
The rumors began over the weekend, stoked first by a City A.M publication. It caught on, and other media platforms started spreading the news. Speculations began after Amazon supposedly released an ad requesting a digital currency and blockchain lead. The job post, it appeared, specifically stated the vacancy was for a candidate who was well versed in blockchain technology, CBDCs, and the crypto market in general.
A high-ranking job vacancy was all that was required for speculations to become news — the market was in need of some positivity after all. News of Amazon looking to accept crypto payments didn't seem far-fetched, and was just as possible. According to an alleged insider, Amazon's plans went further than simply bringing someone in to consider their options.
The unnamed source in City A.M’s report was confident that the company's board of directors envisioned a future built on swift, advanced technology and were eager to bring it to customers. Other currencies such as Ethereum, Cardano, and Bitcoin Cash were also in the conversation.
Amazon’s news made even more sense after Elon Musk confirmed that SpaceX had Bitcoin holdings, while suggesting that automobile company Tesla, might be open to receiving crypto payments once more.
What Would It Mean If Amazon Came On Board?
Would we be looking at a “Tesla effect” all over again? Crumbs and tidbits of a possible Amazon acceptance floated only for two days, and the crypto market responded accordingly. After struggling for weeks, Bitcoin broke through the resistance to cross $39,000.
This is not to say Amazon rumors were exclusive in their impact on the crypto market; other developments were very much key to Bitcoin’s inspired resurgence. Regardless, Amazon’s part in this is no coincidence.
An Amazon crypto inclusion would do wonders for the crypto market and for crypto’s mass adoption, except that we might not be having it soon. At least not yet.
According to Reuters, a spokesperson for Amazon has since come out to deny the media reports. "Notwithstanding our interest in the [crypto] space,” said the spokesperson, “the speculation that has ensued around our specific plans for cryptocurrencies is not true."
The spokesperson’s comment confirms that Amazon does have interest in the space, but might be wary of committing too early. Investors and enthusiasts now have reasonable cause to be wary especially after Tesla's initial abandonment of its plans to accept digital currency due to environmental concerns.
Despite Tesla’s reversal, an increasing number of companies have begun to accept payment in cryptocurrencies; a feat that seemed impossible just a few years ago.
If Amazon did embrace the industry on a large scale, opening its doors to the blockchain experts for which it does have various vacancies, one can only imagine how massively this would contribute to the mainstream adoption of cryptocurrency.
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