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Is Amazon going to start accepting Bitcoin as a form of payment?

The company is currently looking for a cryptocurrency and blockchain product lead to join its team.

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Image: KnowTechie

There has been a lot of hype over cryptocurrencies so far in 2021, and it doesn’t look like it’s dying down anytime soon. A recent report from City A.M. claims that Amazon is jumping on board and will soon begin accepting Bitcoin as a form of payment for transactions on the platform. The company has since denied those claims.

The article mentioned above referenced a recent job posting by Amazon. The company is currently on the hunt for an individual to become the company’s cryptocurrency and blockchain product lead.

The report then says that an unnamed individual close to the company claims that the company will begin accepting Bitcoin as early as later this year.

“This is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” claims the unnamed leaker. “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.”

An Amazon spokesperson has now denied those claims, telling Reuters, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”

This statement, combined with the job listing mentioned above, suggests that Amazon is at the very least interested in cryptocurrencies. However, It doesn’t look like the company is quite ready to begin accepting Bitcoin for transactions.

Bitcoin, and cryptocurrency in general, is still a pretty volatile market. Just the rumored news that Amazon would begin accepting Bitcoin shot the coins price up 15% before settling back down to 6% up for the day.

While this growth is certainly appealing, that volatility can also work in the other direction. A company like Amazon will want to take a long, hard look at the trends of a cryptocurrency like Bitcoin before integrating it into its business model.

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