Amazon denied the report that it could be accepting Crypto payments by the year’s end. Previously, an anonymous source informed a British media outlet of Amazon’s acceptance of Bitcoin and other cryptocurrencies. Other media reproduced the news, and prices soared.
False: Amazon, Ethereum, and Cardano are also in Sight. “Amazon ‘definitely’ aligns Bitcoin payments, confirms an insider.” The headline comes from the British media City A.M., and the information quickly spread in many specialized crypto media. The media outlet reports that Amazon, the world’s largest and best-known e-commerce company founded by Jeff Bezos, is looking to accept Bitcoin payments “by the end of the year.” They are also investigating its token for 2022, a source revealed.
Before that, Amazon revealed a new job opening on Friday, July 23, which indicated that the company is working on its token and blockchain tech. According to Friday’s posting, the person would be in charge of developing the strategy and mapping out the roadmap for the digital currency product. It says: “Want to innovate on behalf of customers within the financial and payment systems of one of the world’s largest e-commerce companies? […] The Payments Acceptance & Experience team seeks an experienced product leader to develop Amazon’s blockchain and digital currency product roadmap and strategy.”
Regarding this, the anonymous source told City A.M.:
“This is not just going through the motions of setting up cryptocurrency payment solutions in the future; this is an integral, well-discussed part of the future mechanism of how Amazon will operate.” He adds: “It starts with Bitcoin: this is the first key stage of this cryptocurrency project, and the mandate comes from the top … Jeff Bezos himself.”
Amazon: not just Bitcoin
The insider also explained that the world’s fourth-largest company management was eager to move on to other major cryptocurrencies once it had established a fast and secure Bitcoin payment method.
“Ethereum (ETH), Cardano (ADA), and Bitcoin Cash (BCH) will be next in line before bringing eight of the most popular cryptocurrencies online.” The source added to the media outlet, saying, “It won’t take long because the plans are already there, and they have been working on them since 2019. And he stressed: “This whole project is practically ready to roll.”
But according to the source, it won’t stand alone in crypto adoption: it’s going for its token. “When all these crypto lines up, there’s another twist to push things even further in Amazon’s favor: a native token,” the anonymous source explained, adding that “After a year of experimenting with cryptocurrency as a payment method, its more probable that we’re heading towards tokenization.”
He also told City A.M.: “This becomes a multi-tiered infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme.” He concluded: “There is little else, but you can guarantee that Bitcoin’s plan will be closely monitored as opportunities are explored with Amazon’s version of a crypto.”
Bitcoin rises after Amazon news
Other media outlets published versions of the City A.M. story. Despite being an anonymous source, i.e., not official news, that did not inhibit the market’s enthusiasm since learning the information. Market data reveals an increase of 11.88% in the price of Bitcoin (BTC) between yesterday and today, and the coin at this time, 7:30 a.m. in New York, exceeds $38.516, the best price since mid-June.