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Amazon Speculations Drive Bitcoin Surge

Credit: Unsplash

The value of cryptocurrencies such as Bitcoin increases based on the growing acceptance from individuals and institutions. The wider the acceptance as a valid payment method, the more demand there is for it. So, hypothetically, if one of the largest global retailers begins accepting Bitcoin, its value would skyrocket. This speculation is currently driving the surge in Bitcoin’s value.

This morning, the value of Bitcoin saw a significant increase reaching $39,770 per unit. Bitcoin has not reached these levels since last month, and the catalyst behind this surge is believed to be Amazon. Being a dominant force in online retail, Amazon holds considerable influence in the financial realm. A recent Amazon job posting seeking individuals knowledgeable in alternate payment methods has sparked excitement in the cryptocurrency world.

Describing Amazon as one of the biggest e-commerce entities globally, the job ad for a “Digital Currency and Blockchain Product Lead” mentions, “The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

An anonymous source reportedly within Amazon disclosed that this move represents a strategic initiative by the company to delve into the world of cryptocurrencies seriously. The source told the London newspaper City A.M., “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future—this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.”

Initiating with Bitcoin is seen as the pivotal first phase of this crypto project, with directives stemming from the top levels of Amazon, potentially including Jeff Bezos himself.

While the authenticity of these claims is yet to be confirmed, should Amazon fully embrace the cryptocurrency realm, it has the potential to be a significant disruptor.

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