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Bitcoin Price Surges Over Amazon Crypto Payment Speculation

by : Hannah Smith on : 26 Jul 2021 11:38
Bitcoin Price Surges Over Amazon Crypto Payment SpeculationPA Images

Bitcoin has made its biggest gains in over a month after rumours began circulating that Amazon could be preparing to allow cryptocurrency payments on its platforms.

The world’s most valuable virtual currency has risen by around 20% in the past week, partially recovering from a volatile past couple of months which has seen Bitcoin fall below $30,000 on a number of occasions.

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Bitcoin rose to $39,000 following Amazon speculation (PA Images)PA Images

The increase, which saw the cryptocurrency climbing to trade at around $39,000, was spurred at least in part by speculation Amazon was making moves to support cryptocurrency payments, after reports emerged the online shopping giant was hiring a ‘digital currency and blockchain product lead.’

Eagle-eyed observers spotted earlier this week that Amazon had begun advertising for the position, which the company said would require a crypto expert to help the company ‘innovate within the payments and financial systems.’

City AM reports that the company plans to begin accepting Bitcoin payments on its platforms by the end of the year, citing a source that claimed the company could be in the early stages of developing its very own cryptocurrency, following in the footsteps of Facebook, who have been in the process of launching their own virtual coin – Diem – for the past year.

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A source claimed Amazon was planning on developing its own cryptocurrency (PA Images)PA Images

‘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 said.

Amazon has not commented on the reports, but a spokesperson for the company said in a statement that it was continuing to work to facilitate new forms of digital payment on its various services.

‘We believe the future will be built on new technologies that enable modern, fast and inexpensive payments and hope to bring that future to Amazon customers as soon as possible,’ they said, per The Independent.

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Hannah Smith

Hannah Smith is a London-based journalist at UNILAD. After studying History at UCL she worked for print publications on both sides of the pond, including spells at Harper's Magazine and The Times, before graduating with an MA in Newspaper Journalism from City, University of London.

Topics: Technology, Amazon, Bitcoin, cryptocurrency

Credits

The Independent
  1. The Independent

    BITCOIN SURGES AFTER SPECULATION OVER AMAZON’S PLAN TO ALLOW USERS TO PAY IN CRYPTOCURRENCY