Speculations To Accept Bitcoin Was Deemed Incorrect: Amazon Denied

Last week on 22 July 2021, the e-commerce retailer Amazon.com Inc had launched a job vacancy google listing looking for an “experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap”. This was noticed by the media and soon turned into headlines in the mainstream media. It was interpreted and speculations were made that the globally popular company will soon start accepting cryptocurrency Bitcoin as a medium of exchange for commodities and services. However, a spokesperson from Amazon denied all the speculations.

Amazon Denied Rumours Of The Use Of Bitcoin

Amazon recently referred to the report published in London based financial paper City AM. As per the text published in the paper, “it says Amazon is ready to accept Bitcoin as payment this year followed by other popular cryptocurrencies like Etherium and even amazon’s native token”. It was assumed that the instructions about the cryptocurrency initiative would be announced by Jeff Bezos. Although, Jeff Bezos Stepped down from his position as the CEO of the company to the executive chair of Amazon. (Just to clarify that none of the spokespeople of Amazon mentioned the name of the report it is acquired by the other mainstream platforms.)

Amazon denies rumored plans for Bitcoin support
Amazon denies Bitcoin acceptance rumor, Cointelegraph

Amazon was given the credit for the rallied-up rates of the cryptocurrency Bitcoin. The City AM mentioned that significant growth of 14.5 percent was seen in the prices of Bitcoin. After the news went viral, Bitcoin reached a high of around $40,000 from $38,000. But within the last day, it fell as low as $29,000 to $32,000, data acquired by the CoinDesk.

The speculations by experts and market analysts inferred by the job listings of Amazon – “Digital Currency and Blockchain Product Lead”, stated that the e-commerce giant would start accepting Bitcoin as a mode of payment for its customers. Amazon was said to follow the steps of other Tech Giants such as Apple and Tesla. However, it turns out that the speculations are incorrect.

One of the spokespeople of Amazon stated to the media that the claims were, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true”. Later adds to it, “We remain focused on exploring what this could look like for customers shopping on Amazon.”

So it can be said that Amazon is just looking at the idea of how it would look on the customer service interface with cryptocurrency and blockchain technology incorporated.

Tesla Reumes to Accept Bitcoin While Amazon Denies It

Amazon denies report of accepting bitcoin as payment | Companies – Gulf News
http://Gulf News, Amazon won’t follow Tesla’s steps to accept Bitcoin as a payment method.

It would completely make sense if the e-commerce retail giant Amazon someday decides to accept the cryptocurrency Bitcoin and its service plan. As of last week, the chief executive officer sir of Tesla Inc.  Elon Musk announced that the company it’s most likely to resume accepting Bitcoin as a medium of the transaction once it conducts and pays attention to the meticulous effort put into Bitcoin mining activities with the help of renewable energy.

As we move forward in the future, technology advances every day. We have seen the growth of cryptocurrency as a globally accepted digital asset within the last few years. Indeed the mining of cryptocurrency such as Bitcoin from the digital mesh requires a massive amount of energy which is usually harnessed by non-renewable energy such as the burning of fossil fuels and coal. Carbon emission has caused a significant and alarming rate of environmental hazards in several countries. The reason specified just now combined with the market volatility has made Bitcoin and other cryptocurrencies so skeptical of being accepted with open arms. Technology doesn’t come challenge-free or risk-free. In that case, companies like Amazon cannot be blamed for or not accepting Bitcoin as of the present scenario of cryptocurrency and bear market. However, things may change in the future and we will witness it.