Bitcoin Rises On Speculation Of Amazon Considering Crypto
- ByStartupStory | July 27, 2021
Bitcoin’s price surged again after speculation that Amazon may consider the cryptocurrency sector after it posted a job seeking a digital currency and blockchain product lead. In the past 24 hrs., Bitcoin jumped more than 14%, nearly reaching $40,000 per unit before settling closer to $37,000. Amazon’s job listing says the company is looking for an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap. In a statement, Amazon rejected as fabricated a report that said it would be accepting payments in cryptocurrency by the end of the year, and that it could launch its own digital coin in 2022.But it did acknowledge that is exploring what the use of cryptocurrencies would look like on Amazon.
‘We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,’ the company said. Tom Forte, a senior research analyst who covers Amazon for the investment bank D.A. Davidson said he doubts Amazon will accept bitcoin across its platform any time soon. Forte noted bitcoin accounts for less than 1% of transaction payments on Overstock.com, one of the few online retailers to accept the cryptocurrency.
It’s been an effective mechanism for trading and speculation, but it hasn’t shown to date to be a form of currency for payments, Forte said. Bitcoin is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who mine them by lending computing power to verify other users’ transactions. They receive bitcoins in exchange.
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