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Amazon: what would happen if it adopted Bitcoin

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The latest speculations on Amazon’s decisions to include Bitcoin and crypto as a means of payment have sparked opinions and opinions on the possible consequences of the case.

On Sunday, July 25, 2021, the US e-commerce company Amazon.com Inc. seemed to be planning to welcome the crypto and blockchain world. Rumors arising from two announcements related to the company:

  1. a job offer for a “Digital Currency and Blockchain Product Leads” posted on the official Amazon website
  2. an interview with an Amazon “insider” who allegedly stated that the company was actually trying to enable bitcoin payments by the end of the year.

The interview was immediately denied by an Amazon spokesperson , who however does not seem to have ruled out that the company has an interest in the crypto sector. The anonymous interviewee, in fact, stated that Amazon has specific plans for cryptocurrencies.

Since Sunday, however, the price of Bitcoin has seen a significant change. Basically, after so much swinging on an axis of $ 32,000, from exactly the following Monday this news from Amazon, the pump saw it hit $ 40,000 , something that hadn’t happened since mid-June.

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Pure coincidence, the fact is that despite the definition of speculation of what was declared between Amazon and Bitcoin, the price of BTC now seems to have shifted the axis to $ 39,000.

Amazon and Bitcoin: move 1.55 trillion dollars

In reference to the case, observers and consultants have pointed out that Amazon is indeed exploring the crypto market and, this, could be that trigger to move a 1.55 trillion dollar market. 

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In fact, Amazon wouldn’t be the first major company to accept cryptocurrencies. And hiring one in 1.27 million global employees may not be indicative of an upcoming major initiative.

But Amazon’s interest, it seems, can be read as a signal that digital currencies could someday shift from marginal investments to everyday financial instruments like cash and credit cards.

Indeed, Bitcoin and cryptocurrencies are accepted as assets and positioned as an alternative to stocks or gold. The introduction of Bitcoin as a means of payment on Amazon would mean a new masterpiece for the largest Internet Company in the world.

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In this regard, Bloomberg’s Spencer Soper commented:

“The [Amazon] company could set the standard for others to follow, as it did years ago with two-day shipping. Billions of quarterly revenue could conceivably become billions of cryptocurrency transactions. “

Nic Carter , a general partner of Castle Island Ventures, an investor in blockchain startups, said instead:

“Using Bitcoin to buy a laptop on Amazon.com can trigger a” huge accounting headache “for buyers, who will have to consider capital gains taxes when redeeming their cryptocurrency. Unless Congress enacts some kind of tax exemption for small transactions, it doesn’t see cryptocurrency gaining ground as a means of payment. “

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