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Amazon Shuts Down Rumours Regarding It Promoting Bitcoin

Ecommerce titan Amazon has recently shut down recent assumptions that it might be gearing up to support payments in Bitcoin. The platform further elaborated that it holds no plans whatsoever for the world’s leading digital currency.

As reported by Reuters this Tuesday mentioning a spokesperson from the company, Amazon is still interested in the cryptocurrency industry even though it does not have any specific plans to get on board with digital currencies for payments at this point in time.

The platform stated that regardless of its interest in the crypto space, the presumptions around their specific plans with regards to digital currencies are not true.

Nevertheless, the representative did not refute the fact that Amazon is investigating digital currency payments. The representative also added that the company remains focused on researching how such a venture would come out for the users buying on Amazon.

The previous Thursday, the platform put up a job opportunity for a virtual currency and blockchain product manager. Four days after, City AM, a newspaper based in London published a story that mentioned an insider claiming that Amazon was, in fact, undeniably readying itself to endorse payments in Bitcoin as well as initiate a local token. This ignited a frenzy among crypto supporters for Amazon’s supposed plans regarding cryptocurrencies.

Chinese cryptocurrency news outlet known as Wu Blockchain likened Amazon’s rumored endeavors to the rising market action that happened to occur recently this Monday. That was when Bitcoin saw an upsurge of approximately 15 percent in below three hours amidst a turbulent squeeze driving more than 110 million USD in liquidations. In a tweet posted on Monday, Wu stated that Bitcoin surged by 12 percent in an hour, running the increase. The outlet added that since the Chinese have “gotten up”, it is apparent that the prices of Bitcoin have begun to rise after this rumor regarding Amazon was circulated in the Chinese populace.

Since Amazon dismissed its rumored endeavors to endorse Bitcoin, Bitcoin prices have begun to retreat, i.e., Bitcoin trading went down 1.6 percent at the time of writing to 37,881.93 USD according to CoinGecko.

This Friday, a source reported on the update posted by Amazon’s payments acceptance and client experience team. The product lead is going to be tasked with expanding the firm’s strategy of virtual currency and blockchain along with a product roadmap.

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