Could Amazon start accepting crypto payments?

The value of cryptocurrencies like Bitcoin rise in proportion to how many people and institutions accept their usage. The more people accept it as a form of legal tender, the more people want to get their hands on it. So, theoretically, if one of the largest retailers in the entire world were to start accepting Bitcoin, the value would shoot through the roof. That is precisely the scenario that is fueling Bitcoin’s current surge.

This morning, the value of Bitcoin surged upwards to a high point of $39,770 per unit. Bitcoin hasn’t hit these kinds of highs since last month, but what’s causing it? One word: Amazon. As one of the undisputed kings of online retail, Amazon’s word has a lot of sway in the financial world, which is why a new Amazon hiring ad searching for folks well versed in the use of alternate payment methods has set the crypto world ablaze.

“As one of the largest e-commerce companies in the world, Amazon processes billions of secure on-line transactions via numerous payment methods and capabilities around the globe,” the ad, which is seeking a “Digital Currency and Blockchain Product Lead,” says.

“The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap,” it adds.

Amazon Bitcoin job ad boosts cryptocurrency surge https://t.co/fpf9W3xIBB

— BBC Business (@BBCBusiness) July 26, 2021

According to an anonymous source allegedly within Amazon, this is the first step in a calculated process the company is undertaking to get into the crypto scene in earnest. “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 source told London newspaper City A.M.

“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.”

How true this all is remains to be seen, but if Amazon does embrace the crypto scene with open arms, it could be a genuine game-changer.