Source: Amazon, with $386 Billion in Net Sales in 2020, to Accept Bitcoin Payments
Editorial note: As of Monday, July 26, 2021, Amazon has publicly denied that it has any plans to accept Bitcoin payments by the end of 2021. An Amazon spokesman said: “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true… We remain focused on exploring what this could look like for customers shopping on Amazon.”
Last month, Amazon listed a job seeking a profile that would integrate blockchain into its global e-commerce network. The news resuscitated speculations around Amazon aiming to accept payments via digital assets. Now, sources have affirmed the e-commerce giant is edging closer to accepting digital assets, the first of which to be Bitcoin, as payment.
Amazon’s Growing Involvement with Digital Currencies
On June 22, Amazon posted a vacancy seeking a “Digital Currency and Blockchain Product Lead,” with a deep understanding of the digital, cryptocurrency ecosystem. The position, which was part of the “Payments Acceptance & Experience team,” already suggested that Amazon might be planning to accept digital currency as a payment method.
In addition, the job posting clearly asserted that part of the responsibilities would include developing a digital currency for Amazon. It stated:
“The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”
The move was interpreted as a serious entrance by Amazon into the speculative world of cryptocurrencies. After reaching out to Amazon, Business Insider further confirmed that the company is ambitious to eventually accept cryptocurrencies as a form of payment.
This was quite an ironic turnover considering that, in 2017, Amazon Pay VP Patrick Gauthier told CNBC the company had no plans to accept cryptocurrency because there wasn’t much demand. However, it appears that the company has changed course since the last boom in Bitcoin adoption.
Amazon to Accept Bitcoin by End of 2021
Last month, it was somehow clear that Amazon would eventually accept crypto payments, though no one had an idea of a precise timeline. Now, sources have confirmed Amazon plans to accept Bitcoin as payment by the end of the year.
London business newspaper City A.M. cites an anonymous source within Amazon saying that the e-commerce giant would accept Bitcoin payments by the end of 2021. The insider stated:
“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.”
The insider further revealed that the first cryptocurrency to be accepted is Bitcoin, she said Jeff Bezos himself directed this. Once the company has established a fast and secure method of Bitcoin payment, the company would start bringing a total of eight top cryptocurrencies online — with Ethereum, Cardano, and Bitcoin Cash being next in line.
To the surprise of many, the insider said Amazon has been working to add crypto payments since 2019. Therefore, it won’t take long for the company to officially launch the project. She stated:
“This entire project is pretty much ready to roll.”
Next Mission for Amazon is a Native Token
As previously covered by The Tokenist, Amazon is steadily unrolling projects that aim to tokenize its dominating global market reach — and maybe, even to dominate DeFi space. For now however, sources confirm that Amazon’s next big mission is to bring its native token into existence, as soon as next year.
The anonymous insider from Amazon told City AM:
“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token. After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenisation.”
Zooming out, this would turn Amazon into a multi-level infrastructure where it not only offers all kinds of goods and stuff but also issues its own money.
Nevertheless, the news is quite positive for Bitcoin adoption, as it sets the stage for broader mainstream acceptance of crypto transactions. Moreover, considering that Tesla’s Bitcoin acceptance news previously fueled a surge to around $65,000, news by Amazon can actually drive Bitcoin price to the imaginary target of $100,000.
What effect would this news have on Bitcoin’s price? If Amazon accepts Bitcoin as payment, would Bitcoin hit $100,000 by the end of 2021? Let us know what you think in the comments below.