Amazon Rebuffs Rumored Bitcoin Payments Project

Divya  |  Jul 27, 2021

Amazon has rejected a recent report that claimed it was planning to introduce Bitcoin payments on its e-commerce platform. A spokesperson for the company asserted that the information provided by the report was “fabricated” and Amazon had no specific plans for crypto payments at this moment. 

However, the spokesperson also hinted that the company might be looking into the potential of introducing digital assets, adding, We remain focused on exploring what this could look like for customers shopping on Amazon.”

Amazon Rejects Rumored Bitcoin Payments Initiative

As previously reported, London-based newspaper City A.M. had run a story on July 26 indicating that Amazon was about to launch crypto payments, starting with Bitcoin. The story cited info leaked by a so-called insider, who suggested that the company’s founder Jeff Bezos was personally involved in the project. The report came on the heels of a recent job opening for a digital currency and blockchain product lead on Amazon’s website.

Today, the report was denied by an Amazon representative, who stated, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.” 

According to a Chinese media outlet, Wu Blockchain, the rumor had a direct impact on Bitcoin’s price, which rose almost 15% within three hours. The news publisher noted:

“Bitcoin rose by 12% in one hour, leading the increase. Because [the] Chinese have just gotten up. It is obvious that the price of Bitcoin has started to rise after this rumor about Amazon spread in the Chinese community.”

Bitcoin Value Declines After Amazon’s Clarification

Shortly after Amazon clarified rumors around its support for crypto payments, Bitcoin began retracing some of its latest gains. The currency has already dropped 4% in value and was last changing hands at $37,176.

An increasing number of firms have adopted payments in cryptocurrencies, despite the institutional hesitancy surrounding them. Paypal, for example, has rolled out special services that allow users in the US to opt for digital assets during transactions. Electric vehicle maker Tesla, which had earlier suspended BTC payments, is also interested in resuming crypto transactions once miners transition to renewable energy in sufficient numbers. If Amazon hops the crypto payments train, it could pave the way for mainstream adoption of virtual currencies. Therefore, any future developments in the area will remain on the radar of industry experts and enthusiasts.

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