Amazon joins the cryptocurrency fray—Or does it?

cryptocurrency

Would Amazon Catapult Bitcoin into mainstream finance?

Here we take a look into the recent series of events surrounding online retail giant Amazon – from an intriguing job listing to a supposed company insider, and, now, the big-name impact on the cryptocurrency market.

The multi-million-dollar retail giant, Amazon, caused quite a stir when they advertised an opening for the position of a Cryptocurrency and Blockchain Lead on 22nd July 2021. The advertised position has led many to speculate that Amazon is set on forging a path towards mainstream cryptocurrency transactions and payments.

In an article published on 26th July 2021, an anonymous “insider” from Amazon told City A.M.  that the move was not just “… going through the motions to set up cryptocurrency payment solutions at some point in the future” but “a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.” The statement has since been retracted.

With the directive apparently coming from the company’s Founder and Executive Chair, Jeff Bezos himself, the source claimed that Amazon is moving towards creating fast and secure payment options working with cryptocurrency. According to the “Insider”, the project would start with the most prominent cryptocurrency on the market, Bitcoin, and then bring eight of the most popular cryptocurrencies in the world into the circuit. The plans having been in place as early as 2019, according to the source. If this was not enough, the “Insider” also claims that Amazon has plans to establish its own native token, but there’s nothing concrete on that front yet.

But why crypto?

Cryptocurrencies by their very nature are decentralized and fungible, meaning they are not controlled by any governing body. Each token has the same, interchangeable value. By establishing a cryptocurrency wallet that allows you to purchase products on the platform, Amazon would have a more global payment option. This would allow transactions to take place without having differences in various international currencies.

Impact

Speaking at the Bitcoin-focused B-word conference held on 21st July 2021, the CEO of Tesla, Elon Musk, claimed that the company would “most likely” resume taking Bitcoin as payment. The electric carmaker had previously discontinued Bitcoin payment due to environmental concerns. Bitcoin saw a sudden hike in value after Musk’s statement despite having been in a slump the previous week.

The speculation of Amazon accepting payment in bitcoin sent the market into a similar frenzy, a very visual proof of the influence that the company stands to have over the crypto-market. Even the supposed backing of the two big-name companies sending prices skyrocketing.

As of 27th July 2021 Amazon has denied the claim of adopting Bitcoin as a payment option. An Amazon Spokesperson, responding to Gizmodo, 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”.

So while Amazon is yet to throw its hat into the fray, cryptocurrencies may still find their big break in mainstream retail in the near future.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Tanvi Dayal
Tanvi Dayal is a staff writer at jumpstart. She believes herself to be a jack of all trades still looking for her mastery. Has a plethora of hobbies that change with the season. Fondly refers to swimming pools and museums as her “other homes”.She has been writing since the age of 8 and hopes to never stop exploring the unique within the relatable.

RELATED POSTS

Why Are Jack Dorsey and Elon Musk against Web 3.0

Why Are Jack Dorsey and Elon Musk against Web 3.0?

“Sounds like BS” was Tesla CEO Elon Musk’s very eloquent review of Web 3.0. After all, few people know more about BS than Musk.
Web 3.0 has been touted as the internet of the future and a new generation of webs. It aspires to decentralize the internet using blockchain-based tokens. It will allow people to “own” their internet activities, thus doing away with the power of big techs, such as Amazon, Alphabet and the like.

Virtual Concerts—The Post-COVID Future of the Music Industry

Virtual Concerts—The Post-COVID Future of the Music Industry

Much like most other industries, the music industry also saw a hefty blow from the pandemic. Be it BTS, the Weeknd, Harry Styles or Bon Jovi, a lot of major artists have had to cancel their concerts throughout 2020. To make up for these canceled live interactions with fans, artists shifted to the Internet.

Ethics of Surveying Your Remote Employees

Ethics of Surveying Your Remote Employees

For employees and employers alike, the work-from-home scenario has not been easy. Sure, we have all found ways of staying productive and getting our jobs done. Yet, for employers supervising remote employees for the very first time, remote surveillance has become the only option.

What Is an IDO and How Can Your Startup Launch One

What Is an IDO and How Can Your Startup Launch One?

On December 31, 2021, decentralized finance (DeFi) ecosystem platform MRHB DeFi raised US$5.5 million through an Initial DEX Offering (IDO). The IDO allowed global investors to participate directly in the funding rounds with no third-party mediator. From raising capital through an Initial Coin Offering (ICO) to launching an IDO—cryptocurrency has made possible new ways for startups to raise money with fewer hurdles. Here, we take a look at what an IDO is and how your startup can get started with one.

Tech Made Easy E-Banking for Senior Citizens

Tech Made Easy: E-Banking for Senior Citizens

With the global average life expectancy reaching over 70 years, it is more important than ever today to make services of all kinds more accessible to the elderly. The COVID-19 virus and the threat it poses to ‌seniors has also been an important reason why they have shifted to the digital realm for their necessities.

Great Resignation

What Is the “Great Resignation” Trend?

When Covid-19 first broke out, employees were worried about losing their jobs, and we’ve seen companies closing down or shrinking in scale to survive the economic downturn. But now, it seems like employers are in a predicament as the “great resignation” is happening. According to the U.S. Bureau of Labor Statistics, about four and a half million people quit their jobs in November 2021.