Amazon’s Entry Into Bitcoin Would Have Greater Consequences Than PayPal’s Entry in October 2020

Amazon’s Entry Into Bitcoin Would Have Greater Consequences Than PayPal’s Entry in October 2020

By ssaurel | In Bitcoin We Trust | 27 Jul 2021

For the past few weeks, two big rumors have been gaining momentum in the Bitcoin world. Two members of FAANG (Facebook, Amazon, Apple, Netflix, Google) are about to announce their entry into the Bitcoin world.

This entry would not be in the same way for one and the other.

On the one hand, we have Apple, which many imagine will be able to announce the purchase of 2 to 3 billion worth of BTC with its cash reserve to protect itself from the great monetary inflation that we are experiencing. On the other hand, we have Amazon which is reportedly actively working on supporting Bitcoin payments for its e-commerce platform.

Amazon is reportedly actively working to support Bitcoin payments

On the Apple side, all this is still a rumor based on the fantasy of some people who are looking for announcements that will quickly boost the Bitcoin Bull Market.

For the time being, Apple has still not announced anything. Even though such a decision would be quite logical since Bitcoin is the best store of value to guard against currency inflation, we have to leave it at that.

For Amazon, the picture is different. The rumor is being confirmed by a source inside the company founded by Jeff Bezos. As always with this type of source, they remain anonymous. Nevertheless, the likelihood of Amazon actually supporting Bitcoin as a payment method in the future seems to be growing.

This source even explains that Amazon is taking the subject very seriously:

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.”

The rumor around Amazon is not unlike the one surrounding PayPal before its official arrival in October 2020

Bitcoin would even be just a first step for Amazon, which could then add other leading cryptocurrencies as a payment method. Such a decision is considered strategic, so the directive would even have been approved in person by Jeff Bezos. The project is even said to be well advanced.

The launch could take place at the end of 2021.

If this were to be confirmed, we could have a situation comparable to the one we experienced last year when insistent rumors explained that PayPal was preparing to enter the Bitcoin world. These rumors eventually led to an official launch in October 2020.

This finally catalyzed for the Bull Market to begin in October 2020.

Amazon's entry into the Bitcoin world would likely have even greater consequences while catalyzing the current Bull Market's second wind.

Amazon would be the first FAANG to embrace the Bitcoin revolution

The company founded by Jeff Bezos would become the first FAANG to embrace the Bitcoin revolution. With all the tech giants competing against each other, this could push others in that direction while also taking the heat off them.

In every industry, it always takes a first big name to embrace the Bitcoin revolution before the others follow well aware that an opportunity like Bitcoin cannot be safely left aside indefinitely.

In fact, a job posting just came out indicating that Amazon is looking to hire a "Digital Currency and Blockchain Product Lead":

Job Offer on Amazon Website - Source: Amazon

The details of the position clearly indicate that the new hire will help develop Amazon's digital currency strategy while also getting involved in the product roadmap.

This position requires a great deal of expertise in blockchain, distributed ledgers, central bank digital currencies, and cryptocurrencies in general.

The market is already buying this insistent rumor and the price of Bitcoin is approaching $40K again

For some, Amazon could even be tempted to go further in 2022 by imagining creating its own digital currency. The still unsuccessful experience of Facebook with its digital currency could however cool Amazon's ardor in this field. Let's not forget also that Amazon is in the eye of the American regulators.

Such an initiative could aggravate the situation, which is not in Amazon's immediate interest.

In the meantime, the Bitcoin market has been quick to buy into the rumor of Amazon's future arrival as the price of Bitcoin has rebounded sharply after falling below the psychological $30K barrier last week.

As of this writing, the price of Bitcoin is above $38K after breaking above $40K yesterday. While Bitcoin price is still not out of the woods, for the time being, this is something extremely positive to watch closely in the coming weeks.

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