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Amazon denies rumored plans to support bitcoin

Amazon has denied recent speculation that it may be ready to support bitcoin payments, saying it currently has no plans for BTC.

According to a Reuters report on July 27 quoting a spokesperson for the firm, Amazon is interested in the crypto industry, but has no specific plans to onboard the digital asset for payments just yet:

“Despite our interest in space, the speculation that has been made about our specific plans for cryptocurrency is not true.”

However, the spokesperson did not deny that Amazon is researching crypto payments, adding: “We are focused on figuring out what this might look like for customers shopping on Amazon.”

On July 22, Amazon launched the job for Digital Currency and Blockchain Product Lead. Four days later, London’s City AM newspaper ran a story citing an “insider” who claimed that Amazon was “definitely” preparing to support bitcoin payments and launch a native token – Ignite frenzied anticipation for Amazon’s alleged crypto plans.

Chinese crypto media outlet, Wu Blockchain, blamed Amazon’s rumored plans for Monday’s escalating market action – during which bitcoin gained nearly 15% in less than three hours amid a violent squeeze that saw liquidations garner $5,000 in liquidations. Earned more than 110 million. In a tweet dated July 26, Wu Having said:

“Bitcoin is up 12% in an hour, leading to a rise. So [the] The Chinese have just risen. Obviously the price of bitcoin has started to rise after this rumor of Amazon spreading in the Chinese community.”

Connected: Amazon planning to accept bitcoin payments this year, insider claims

The BTC price began a retreat as soon as Amazon dismissed the rumored plan to support bitcoin. According to CoinGecko, at the time of writing, BTC was trading at $36,770, down 4.4% over the past 24 hours.

On July 23, Cointelegraph reported the status of Amazon’s payment acceptance and experience posted by Steam. The product leadership will be tasked with developing the company’s strategy for digital currency and blockchain, as well as a product roadmap.

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