The emerging reports that e-commerce giant, Amazon, will be integrating Bitcoin payments into its platform before the end of the year have been debunked. Into the new week, it was widely reported that Amazon had indicated its interest in making Bitcoin a means of exchange for the goods and services it renders. However, the web hosting service provider has denied these reports.
According to available reports, Amazon had listed a job posting on its website for a blockchain and digital currency expert, which must have been responsible for the widespread speculations. The Bitcoin payment news was first reported by British news outlet, City A.M. Following the unconfirmed report, which was credited to an insider, Amazon is forced to set the records straight.
Both Reports Affect Crypto Market
The short-lived rumor contributed to a price pump in the crypto market that saw flagship cryptocurrency, Bitcoin, near $40,000 within the early hours of Monday. Interestingly, it still attained a $40,556 price mark later in the day. Largest altcoin, Ethereum also inched closer to the $2,400 region. In fact, it spurred speculations that the much-anticipated bullish season had begun.
In the wake of Amazon’s response, the price of the top crypto asset crashed by over 7% to the depths of $36,000 as fast as the first report had sent prices up. Furthermore, the firs claim claimed that Amazon was looking at creating a native token to facilitate payments for users, on which they could also earn and redeem loyalty points as well.
Amazon Says It is Exploring the Option of Crypto
It also asserted that apart from Bitcoin payments, Ethereum, Cardano and Bitcoin Cash and about six other cryptocurrencies in the list of top 10 cryptocurrencies by market cap were being considered by the E-commerce and Web hosting service giant. However, all of these claims have been debunked by Amazon as being untrue. Notwithstanding, Amazon noted that it is exploring the option of cryptocurrency.
Although the digital currency and blockchain expert job posting is not an indication of Amazon’s readiness to integrate cryptocurrency payments, it could be a sign that it is warming up to that. Meanwhile, global payment service firm PayPal introduced cryptocurrency payments in October 2020, and recently removed the cap on crypto transactions, making them unlimited.
Electric Vehicle manufacturer, Tesla also joined the bandwagon of Bitcoin payments policy in March 2021. Unfortunately, it announced a reversal in May, citing environmental concerns as being the backdrop of its rescission. Both the first and subsequent decision equally affected the crypto market just as Amazon’s did.
It is difficult to deny or remain blind to the widespread adoption of cryptocurrencies in different regions across the globe. Institutional investors including banking institutions are fondly embracing the idea of cryptocurrencies, starting with massive investments in the past few months. It is only a matter of time before the cryptocurrency and blockchain industry penetrate other mainstream sectors. As much as it may be hard to understand, cryptocurrency is definitely the future of finance.