After a dull week, Bitcoin is roaring back towards the $40,000 mark. The cryptocurrency gained almost 13 percent in the last few hours and is now trading above $39,000, as of press time. One of the main factors behind this rally is the reports on Amazon’s decision to accept Bitcoin as payment.
According to a London business newspaper City A.M. report published late Sunday, global e-commerce giant Amazon is preparing to accept Bitcoin as payment by the end of 2021. The company is further investing in the development of its own token.
The revelation followed a job posting by Amazon in which the company is seeking a cryptocurrency and blockchain lead.
“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,” an anonymous insider told the publication.
“It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.”
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Big Tech’s Crypto Push
Though Amazon is not the first company to add a Bitcoin payment method, it is certainly the most influential one. It operates the top e-commerce store globally with hundreds of millions of people as its customers.
“This entire project is pretty much ready to roll,” the insider added, adding that the company is working on it since 2019. After Bitcoin, Amazon also has plans to add Ethereum, Cardano, and Bitcoin Cash for payments.
Earlier, Tesla started to accept Bitcoin for the buyers of its electric cars, but later scrapped it. The company’s billionaire CEO Elon Musk recently said that the car company is considering taking Bitcoin again.
Furthermore, the e-commerce giant is also working on the development of its native token.
“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token,” the insider added. “There’s little more to it, for now, but you can guarantee the Bitcoin plan will be monitored closely as opportunities with Amazon’s own version of a crypto will be explored.”