Along with Apple and Tesla, Amazon is currently analysing potential methods of accepting cryptocurrency payments. The move could see the popular cryptocurrency go over $70,000 by the end of the year. The retail giant worth over $1.8 trillion is currently looking for cryptocurrency industry professionals to assist with the implementation process.
“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,” said the Amazon spokesperson.
Should Amazon, as one of the five most prominent companies in the world, open its marketplace for cryptocurrencies, it could potentially lead to another bull run for the industry.
“Tesla’s initial announcement of accepting Bitcoin for its products helped contribute to taking Bitcoin to its all-time high in the second quarter of the year. Should this impact be replicated when Amazon fully embraces crypto payments, we can begin to see a rejuvenation from the current sell-offs and growth towards new price levels not seen in months,” said the COO and co-founder of the payment network Mercuryo, Greg Waisman.
Experts predict that Bitcoin could reach between $70,000 and $100,000 in 2021 if Amazon goes through with its plan.
The company has previous experience with blockchain technology, and Amazon Web Services offer solutions for creating and managing blockchain networks. The company has observed the cryptocurrency industry in the past, as Andy Jassy, Amazon’s CEO, confirmed in 2017. The same year, Amazon bought three cryptocurrency-related domain names: amazoncryptocurrency.com, amazonethereum.com, and amazoncryptocurrencies.com but hasn’t commented on their acquisition.
Amazon wanting to implement Bitcoin payments as a fast, secure, and efficient payment method is a step in the right direction. Plenty of online slots establishments have already adopted crypto payments, and many other companies are looking into it. With a retail giant like Amazon embracing Bitcoin, the crypto industry would undoubtedly receive another major boost.