Jeff Bezos ‘exploring’ Amazon payments in crypto – could send Bitcoin to $70,000

Jeff Bezos ‘exploring’ Amazon payments in crypto – could send Bitcoin to $70,000

July 24, 2021

Bitcoin 'not seen as a currency for transactions' says expert

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Jeff Bezos’ company is now seeking to hire a cryptocurrency expert for this very purpose. A spokesperson for Mr Bezos’ company, which has a market capitalisation of $1.6trillion, said: “We’re inspired by the innovation happening in the cryptocurrency space and 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.

“We hope to bring that future to Amazon customers as soon as possible.”

If the world’s fourth-largest company opens up its worldwide marketplace to cryptocurrency transactions the value of Bitcoin and Ethereum could escalate.

Speaking to Express.co.uk Greg Waisman, co-founder and COO at the global payment network Mercuryo, said: “Tesla’s initial announcement of accepting Bitcoin for its products helped contribute to taking Bitcoin to its all-time high in the second quarter of the year.

“Should this impact be replicated when Amazon fully embraces crypto payments, we can begin to see a rejuvenation from the current sell-offs, and growth towards new price levels not seen in months.

“A top of $70,000 on a bear case instance 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.”

Currently, Amazon does not accept cryptocurrencies as payment but a recent job posting by the company shows that this could soon change.

Amazon’s payments acceptance and experience team is now on the hunt for an “experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap”.

The company added that the position will “leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.”

Apart from Bitcoin, a candidate cryptocurrency for making transactions on Amazon could be Vechain.

In July the Vechain Foundation announced a partnership with Shopping.io, an online platform that has been integrating crypto payments into e-commerce.

Since the beginning of July consumers can use Vechain tokens to purchase at Amazon, eBay, Walmart, and Etsy via Shopping.io.

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The CEO of Shopping.io said the following about its cooperation with VeChain: “VeChain is an absolutely huge accomplishment for shopping.io because of their passionate community and longevity in the space.

“We are excited to see what more the future might bring through this partnership.”

Speaking of the possible integration of cryptocurrency payments at Amazon Mr Waisman added: “That Amazon is trying to stir its way into the digital currency ecosystem is highly ambitious and will serve as a game-changer to the broader cryptocurrency ecosystem.

“While the offshoot of the e-commerce giant, Amazon Web Services is one of the leading blockchain management outfits, the company recently placed an advert to employ a crypto expert to help navigate its entry into the crypto payment terrain.

“This is what Tesla has done this year, and what major Wall Street firms are looking to incorporate.

“However, Amazon as one of the most valuable companies in the world will help raise the bar as the firm has millions of customers who will help spread the crypto payment integration endeavour.

“The impact of this will be resounding as it will drive the adoption of Bitcoin, and other altcoins to a whole new horizon.”

Apple has also hinted that they are broaching the idea of accepting payments in cryptocurrency.

The company headed by Tim Cook is now looking for a lead negotiator to strike partnerships with “alternative payments” partners.

The company listed cryptocurrency as an “alternative payment” mechanism that they are considering.

At the recent ‘B-Word Conference’ Tesla CEO Elon Musk announced that his company would re-accept payments in Bitcoin if “after due diligence” mining operators were found to be utilising over 50 percent renewable energy.

Major social media firms such as Facebook and Twitter are also considering cryptocurrency as a payment method for using their products.

Facebook unveiled Libra (now Diem) in 2019 and Twitter CEO Jack Dorsey announced yesterday that his company plans to power new Twitter business models using Bitcoin.

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