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Speculation around Amazon preparing to go big on crypto spark massive excitement

25.07.2021

Will Jeff Bezos go down the same route as his ‘big tech’ peer Elon Musk and go all out for cryptocurrency?

Rumors have begun circulating that Amazon may begin looking toward developing a method of accepting payments in cryptocurrency, which, if there is any degree of truth to this, could result in a massive surge in the value of Bitcoin.

Amazon is not just a vast all-encompassing e-commerce company that has been replacing the high street over the years; it is far more than that.

The company, led by one of the world’s most influential people – Jeff Bezos – is a data and internet technology giant, and is one of the most-watched publicly traded stocks in the world alongside its equally influential Silicon Valley peers Facebook, Google and Tesla.

The speculation that Amazon may be looking at going all out on digital currency arose from the company’s move toward selecting a ‘cryptocurrency expert’ to lead the move.

A spokesman for Amazon told mainstream press today “We are inspired by the innovation happening in the cryptocurrency space, and we are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast and inexpensive payments.”

The advertisement which was placed for the position was noticed by a huge number of people over the weekend, and looks for someone who can “leverage domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency”.

Whilst the advertisement for the position was relatively vague in its prose, it has been widely interpreted that this is the beginning of something far more involved than just bringing someone on board to examine possibilities.

Perhaps more interestingly, this directive has come from the top and is being mooted to have been the initiative of Jeff Bezos himself, and if that is the case, a move toward such advocacy of cryptocurrency would put him in the same category as Elon Musk, who has positioned himself as a cryptocurrency market mover, and became the world’s richest man who has invested over $1.5 billion in cryptocurrency.

Now, Elon Musk is as synonymous with moving cryptocurrency markets as he is with electric car and space innovation. If Jeff Bezos goes down the same route, the outcome would likely be huge.

One particular analyst has said that he expects the price of Bitcoin to go to double its current value should this be the case.

Greg Waisman of payment network Mercuryo told the Daily Express in the UK “A top of $70,000 on a bear case insance and a $100,000 top cannot be ruled out by the end of the year should Amazon make good on its promises before year-end”.

Amazon is the world’s fourth-largest company and its core business activities of big data (AWS) and e-commerce are both ripe for cryptocurrency use.

This, therefore, would be very big news if it goes ahead.