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Amazon and Bitcoin may not have a lot in common at first. I mean, Amazon is a stable blue-chip stock and a company, whereas Bitcoin is a crypto and still far from stable. Yet, despite the very different paths of these two assets, they have both seen major growth in the past year. Today, the two may be getting closer as speculation has grown that Amazon may start accepting Bitcoin as a payment method.
The speculation began after Amazon posted a job advert for a “Digital Currency and Blockchain Product Lead” based at its Seattle headquarters. The job posting has specified that the role will be related to Amazon’s payment acceptance & experience department – leading many to believe they could be accepting cryptos soon. If this is true it would be a massive leap for Bitcoin and cryptos as a real means of currency. Just off the speculation Bitcoin went flying up 12% to $38,723. Leading Bitcoin to its highest price in over a month.
Despite all this, Amazon has denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year. Regardless, Tesla CEO Elon Musk has taken a much more open approach to the crypto market, explaining that Tesla will most likely restart accepting bitcoin as payments after they conduct due diligence on the amount of renewable energy used to mine the currency. What do you think about Amazon’s job opening? And do you think Bitcoin will become commonly accepted by companies?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.