Bitcoin Surges Following the Speculations on Amazon Entering Crypto

This Monday, 26th of July, bitcoin surged to a 14% 5-week high as speculations about Amazon entering the cryptocurrency realm have started spreading. Such assumptions began when the retail giant posted a job listing looking for someone with a deep understanding of cryptocurrencies and related technologies.

There are currently 74 job listings by Amazon with the word “blockchain” in the description. However, those jobs aren’t necessarily related to blockchain development. Instead, they list experience with blockchain as relevant for job applicants.

Amazon had previously denied the reports that it would be adding cryptocurrencies to its payment options by the end of the year. However, the company did admit that they are looking for whatever use cryptos may bring to Amazon.

A company’s spokesperson further stated that cryptocurrencies would be a part of the future technologies that will allow fast, modern, and affordable payments. They hope to eventually bring them to Amazon customers and see how it would work out for the company.

The investment bank D.A. Davidson’s senior research specialist covering Amazon, Tom Forte, said he doesn’t believe that the company will soon add bitcoins to its payment options. What’s more, he alluded to one of the few retailers that accept cryptocurrencies, Overstock.com, having less than 1% of its payments in crypto.

Besides these speculations about Amazon, talks also have it that bitcoin jumped because traders were buying it to fill positions they were short on, betting that the price would fall further. That being said, it’s almost impossible to monitor short positions on cryptos.

Before these events, Elon Musk, the founder and CEO of Tesla, incited a whiplash tweeting about the company’s $1.5 billion investment in bitcoin that helped legitimize cryptocurrencies as an investment.

Analysts from Wall Street have since been eyeing executives from prominent US companies for the possibility of them entering the crypto space. Amazon, being the household name in the world of ecommerce, is not an exception.

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