According to a statement from City A.M., an unidentified Amazon source has information that the company will begin accepting Bitcoin and other cryptocurrencies by the end of the year. This rumour immediately gained traction on news websites and other media platforms. According to Zero Hedge author Tyler Durden, Amazon has allegedly rejected the allegations in an email response to Bloomberg.
On Twitter, Zero Hedge was one of the first to report the news. According to Zero Hedge, Amazon has refuted the City A.M. claim. It also stated that it has no intentions to create a cryptocurrency by 2022 and that it would not take Bitcoin this year, but that it will continue to research cryptocurrencies and blockchain technology.
Amazon had a fully-fledged plan to enable crypto payments, according to City A.M.’s insider, who in hindsight had news that looked too good to be true.
“This isn’t simply going through the motions of setting up cryptocurrency payment options at some time in the future – this is a full-on, well-discussed, fundamental element of how Amazon will function in the future,” the source stated.
Jeff Bezos was looking to add far more than Bitcoin
This initiative, according to the source, was initiated by Jeff Bezos personally.
“It all starts with Bitcoin — this is the critical initial step of this crypto venture, and the order comes from the top… Jeff Bezos himself.”
According to an Amazon insider, the business is seeking to add far more than Bitcoin and has been researching on it since 2019.
“Ethereum, Cardano, and Bitcoin Cash will be the next in line before eight of the most popular cryptocurrencies are brought online. It won’t take long because the plans are in place and have been in the works since 2019. The project as a whole is almost ready to go.”
The insider added, after all of the major cryptos are merged, Amazon is considering developing its own native coin.
“Once all these crypto ducks are lined up, there’s one more twist to push things even farther in Amazon’s favor — a native token,” the source explained.
Amazon rejected the false reports
Amazon’s decision to take Bitcoin and even go so far as to create its own token enraged the crypto community, and Bitcoin soared over 11% in one day, only to fall as the company rejected the reports.
This is the second time in the last week that Amazon has been mentioned in connection with cryptocurrencies. Last week, the business made headlines when it posted a job opening for a digital currency and blockchain product lead who would “own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap.”
While Amazon has reportedly rejected the City A.M. insider’s claims, the company’s recent job advertising indicates that it is interested in cryptocurrencies and blockchain.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
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