Amazon: possible Bitcoin acceptance drives price up

According to inside information, Amazon may be planning to accept Bitcoin payments as an advanced payment option later this year

An anonymous source within Amazon told London business newspaper City AM that the e-commerce giant plans to start accepting Bitcoin payments by the end of 2021. Likewise, a job advertisement from the online giant points to this project. This step may also prove to be a prerequisite for broader acceptance of crypto transactions by the mainstream.

Amazon Insider points out that the company will soon accept Bitcoin
As the Insider City AM reveals, it is not just about

“To set up payment solutions in cryptocurrency at some point in the future – this is a comprehensive, well-discussed, integral part of the future mechanism of how Amazon will work”.

The source also states that the acceptance of Bitcoin is only the first step in relation to Amazon’s crypto ambitions. The project would be “pretty much up and running” and will start with Bitcoin, but not be exclusive. Amazon executives are apparently open to implementing payments with other cryptocurrencies in the top 10 by market capitalization.

This second phase would begin as soon as they “established a fast and secure method for crypto payments”. Ethereum, Cardano and Bitcoin Cash will be next before continuing to integrate eight of the most popular cryptocurrencies into the payment system. “It won’t take long because the plans are already there. We have been working on it since 2019. “

A final and third phase, which may be completed by 2022, includes the creation and launch of a native Amazon token. The insider adds that the project has the approval of “the very top”, the CEO of Amazon and founder, Jeff Bezos, himself.

The informant points out: “This entire project is almost ready for use.” The project is intended as a multi-level infrastructure in which one can pay for goods and services or earn tokens in a loyalty program. However, Amazon has not officially commented on its alleged crypto project. So everything remains a rumor and speculation until official confirmation and should be treated with caution.

Speculations about Amazon’s entry into the cryptocurrency market have also been circulating since a job posting was posted at Amazon late last week. The company already indicated that payment by means of cryptocurrencies could soon be possible. According to the job description, the new employee will be involved in developing Amazon’s digital currency strategy and product roadmap. The position requires strong domain expertise in blockchain, distributed ledgers, central bank digital currencies, and crypto in general.

As a result of these reports, Bitcoin price soared at the start of the week and approached $ 40,000. Bitcoin cost up to $ 39,850 on Monday on the Bitstamp trading platform. This corresponds to the highest level since mid-June. In a day-to-day comparison, the rate increased by up to around 15 percent. But other crypto currencies such as Ether, XRP or Dogecoin also increased accordingly. They posted double-digit price gains. Monday’s surge has brought the crypto markets back to life after being stuck in the doldrums for months.

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