Why Amazon Accepting Bitcoin is the GameChanger We Want

Amazon.com, Inc. the American multinational technology and eCommerce behemoth company, looks set to start accepting Bitcoin payments ‘by the end of the year’ and that is a good thing for Bitcoin...

Why Amazon Accepting Bitcoin is the GameChanger We Want

17.11.2021
Why Amazon Accepting Bitcoin is the GameChanger We Want

Amazon.com, Inc. the American multinational technology and eCommerce behemoth company, looks set to start accepting Bitcoin payments ‘by the end of the year’ and that is a good thing for Bitcoin.

Established in 1994 by Jeff Bezos, Amazon Inc saw 2020 revenues top an incredible $386.1 billion. The eCommerce giant posted a job opening for a digital currency and blockchain product lead on July 22nd.

Almost instantaneously, the report from London's City A.M. newspaper, citing an unnamed "insider", stating that Amazon was looking to accept bitcoin payments by the end of 2021, sent the world's biggest cryptocurrency rocketing up, climbing over 17% at one point within just a couple of hours.

Bitcoin soared past $40,000 for the first time since June 15th and the bulls rushed to jump into Bitcoin.

However, Amazon quickly came out and denied the report. A spokesperson for Amazon said:

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,”

"We remain focused on exploring what this could look like for customers shopping on Amazon."

The Bigger Picture

An ever-increasing number of eCommerce companies and regular businesses have started to accept Bitcoin and other digital currencies for payment. This brought an asset class that had been previously ignored and shunned by the big banks and major financial institutions until a few years ago, much closer to the mainstream and public adoption.

PayPal’s decision to start dealing with bitcoin and crypto back in October 2020 was seen as the catalyst for a bull run in Bitcoin which saw the granddaddy of digital currencies close the year with a 305% increase.

Although Amazon’s plans for crypto in 2021 have been muted, there is nothing to suggest that Amazon will not adopt Bitcoin in the future. They have admitted interest and are employing someone to investigate the world of crypto and blockchain.

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