Bitcoin Surges In Response To Reports That Amazon Considers To Enter The Crypto Market
By – Ashwathy Nair
- In the last 24 hours, Bitcoin has risen by more than 14%, surpassing $40,000 per unit before settling at roughly $37,000.
- Amazon is looking for an experienced product leader to assist in establishing the company’s Digital Currency and Blockchain strategy and product roadmap, according to the job advertisement.
Bitcoin’s price rose further on Monday (26th July), fueled by rumours that Amazon is planning to enter the cryptocurrency market after posting a job opening for a product leader to build its digital currency.
In the last 24 hours, Price of BTC has risen by more than 14%, surpassing $40,000 per unit before settling at roughly $37,000. After a prolonged fall that saw it drop below $30,000 from an April peak of nearly $65,000, it hit a five-week intra-day high on Monday (26th July).
There is also suspicion that the price increase was caused by traders filling short positions in bitcoin after betting that its value will fall further. Short positions on the cryptocurrency, on the other hand, are difficult, if not impossible, to track.
Amazon is looking for an experienced product leader to assist in establishing the company’s Digital Currency and Blockchain strategy and product roadmap, according to the job advertisement.
The Seattle-based online retail giant now has 74 job posts, several of which date back to earlier this year, that include the terms “blockchain,” the backbone of cryptocurrencies.
However, while the jobs aren’t all about blockchain development, they do identify blockchain experience as relevant experience for people applying.
Amazon denied in a statement that a report claiming it would accept cryptocurrency payments by the end of the year and introduce its own digital currency in 2022 was untrue.
However, it did admit that it is looking at how cryptocurrencies might be used on Amazon.
We believe that the future will be based on new technologies that enable modern, quick, and low-cost payments, and we intend to deliver that future to Amazon customers as soon as possible, according to the business.
Tom Forte, a senior research analyst at the investment firm DA Davidson who covers Amazon, believes the company will not adopt bitcoin anytime soon. Bitcoin represents less than 1% of transactions on Overstock.com, one of the few online stores that accept cryptocurrency, according to Forte.
It’s been a useful tool for trading and speculating, but it hasn’t yet proven to be a payment method, according to Forte.
Bitcoin proponents appear to have altered their pitch away from bitcoin’s worth as a digital currency and towards utilising it as a “store of value” similar to gold or other commodities.
Bitcoin is centrally controlled and unaffiliated with any bank or government, allowing users to spend money anonymously. Users create the coins by lending and computing power to verify the transactions of other users. In return, they are given bitcoins.
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