Will Amazon Support Bitcoin Payments? How it Affects BTC’s Price?

7:37 am, Tue, 27 July 21

In recent news, it was speculated that Amazon might give its customers the option to use Bitcoin as a form of payment. This was seen as a win for Bitcoin, considering Amazon’s popularity and success.

However, a spokesperson from the company has made a different statement. According to reports, Amazon is interested in the crypto space but has not made any plans to support Bitcoin payments yet.

The spokesperson stated:

Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”

Despite denying rumors of supporting digital assets as payment, Amazon is researching cryptocurrencies. This will help the company in understanding how things can be different if customers purchase items by using crypto assets.

If you are also interested in stepping into the crypto space and buying Bitcoin then you can use Bitcoin exchanges such as SwissBorg or Kraken (U.S. citizens).

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Has Amazon’s Response Affected Bitcoin?

The flagship digital currency has been on quite a roller coaster for the past month. It was noted to go below $30,000 and then surge higher than $39,000 in a matter of days. Bitcoin is currently trading at $37,177 (at the time of writing).

Bitcoin’s price is known to be volatile. However, this time Amazon’s response to supporting BTC payment rumors might have added to the decline in its value.

Here is a graph by CoinGecko that shows the price volatility of the largest crypto asset.

btc-graph-27-07-2021

It was noted that Amazon posted a job opening for digital currency and blockchain product lead. This one of several reasons that sparked the rumor of Amazon supporting BTC payment. This also led to the speculation that the company might be working on its native token.

While this rumor was in the air, the price of Bitcoin surged nearly 15% in less than three hours. Soon after a Chinese crypto media outlet connected the rumor with BTC’s price surge. This further solidified people’s belief that Amazon might be considering BTC payments.     

Much to the enthusiasts’ dismay, Amazon denied the rumors after which the price of Bitcoin started to decrease and is now in the $37,000 region (at the time of writing).

Is it Cause for Concern for BTC Investors and Traders?

Those who have been in the crypto space for quite some time are familiar with the price volatility of the largest cryptocurrency. Despite the fluctuation in its price, a great number of individuals and companies have invested in Bitcoin.

Major entities have been known to purchase and accumulate BTC even when its price was low. This is one of the factors that highlight the significance of Bitcoin.

Therefore, the investors and traders (both potential and existing) of BTC should not be concerned regarding the digital currency at the moment. There can be ups and downs in the price of Bitcoin in the future, however, that is yet to be seen in real-time.

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