Bitcoin News

Amazon says it has no intentions to support Bitcoin.

Amazon says it has no intentions to support Bitcoin.

Despite denying reports that the e-commerce titan will soon allow Bitcoin payments, an Amazon spokesman stated that the company is still interested in the cryptocurrency space.

Amazon’s Statement

Amazon has denied recent reports that it plans to enable Bitcoin payments. They stated that it presently has no plans to do so.

According to a Reuters report on July 27 quoting an Amazon spokesperson, the company is still interested in crypto. However, they have immediate plans to accept digital assets for payment:

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”

The spokesman did not dispute, however, that Amazon is investigating cryptocurrency payments, saying:

“We remain focused on exploring what this could look like for customers shopping on Amazon.”

Amazon’s Job Vacancy

Amazon announced a job vacancy for a digital currency and blockchain product lead on July 22. Four days later, the City A.M. newspaper in London published a report. They quote an “insider” who said Amazon was “definitely” planning to enable Bitcoin payments and create a native token. This sparked a frenzy of speculation over Amazon’s alleged crypto intentions.

The Ambitions of Amazon

Wu Blockchain, a Chinese crypto media outlet, ascribed Amazon’s alleged ambitions to Monday’s soaring market activity. During this time, Bitcoin gained nearly 15% in less than three hours. The gain happened amid a severe squeeze that resulted in more than $110 million in liquidations. We remarked on July 26 in a tweet:

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

Bitcoin Falls

BTC prices have started to fall as Amazon denied its anticipated plans to support Bitcoin. BTC was trading at $36,770 at the time of writing. They went down 4.4 per cent in the last 24 hours, according to CoinGecko.

The position of Amazon’s payments revealed acceptance and experience steam on July 23. The product lead will be in charge of creating a digital currency and blockchain strategy for the company. This will also include creating a product roadmap.

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