Amazon denies report of cryptocurrency adoption in 2021

Amazon denies report of cryptocurrency adoption in 2021

A lot of confusion has been created recently around Bitcoin, due to Amazon and the news of the potential adoption of cryptocurrencies as a form of payment for purchases. The news was quickly debunked.

Mysterious information

As reported by the British site City AM, citing an anonymous source, Amazon is planning to launch the ability to make payments for purchases in the form of cryptocurrencies. The platform would allegedly like to undertake this type of solution later in 2021.

City AM quoting the mysterious source indicates that this is closely related to Bitcoin payments. Later on, the service would be expanded to include several other leading cryptocurrencies, including Ethereum and Bitcoin Cash, among others. It also indicates that over time, the company is considering introducing its own token. In turn, the impetus for such changes was supposed to be given by Jeff Bezos himself.

The mentioned information appeared just after the media all over the world circulated information about Amazon’s recruitment process. The platform is looking for a manager for cryptocurrencies and blockchain technology. This potentially indicates a clear direction in which the giant would like to move.

Rumors quickly debunked

As it turns out, however, the report of cryptocurrencies being adopted as a form of payment was quickly debunked. An Amazon spokesperson addressed the matter as follows:

“Regardless of our interest in the crypto space, the speculation that has arisen around our specific plans for cryptocurrencies is not true.”

Many market observers note that Amazon has nevertheless not denied implementing such solutions in the future. In addition, the aforementioned job announcement is still valid, which may give optimism for the future.

Market reaction

Amazon is the clear market leader in the e-commerce sector, and the platform’s owner Jeff Bezos is currently the richest man in the world. This kind of adoption from the retail giant, could become a very bullish signal for the market. And potentially it was. After this (fake) news was made public, the price of BTC skyrocketed to around $40,000. The moment it was denied we could see a drop to levels around $36,400. However, the current movements cannot be fully attributed to this factor. Shortly after the correction, the value of BTC, despite the negative information from Amazon’s representative, again soared to the limits of $40,000. This may suggest a relatively small relationship between both observed factors. However, it is hard to resist the impression that if the rumor turned out to be a fact, Bitcoin could react significantly.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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