Amazon not accepting Bitcoin as payment option, denies initial reports

While reports about WhatsApp planning to accept cryptocurrency as a payment option on the portal were surfacing in the past few days, Amazon has denied them. The initial reports created hype on the internet which resulted in a Bitcoin surge of up to 14.5%. The reports were based on a job listing by Amazon which was rolled out on July 22, 2021, hiring for the role of a 'Digital currency and Blockchain product lead'. Keep reading to know more about Amazon's statement. 

Amazon denies several reports of accepting cryptocurrency bitcoin as a payment

Addressing the reports, an Amazon spokesperson told a publication that notwithstanding their interest in the space, but the speculations regarding their specific plans for cryptocurrencies are not true. The spokesperson also added that "Amazon remains focused on exploring what it could look like for customers shopping on Amazon." Given that the number of companies that accept cryptocurrency as payment is increasing, Amazon's job role related to digital currency and blockchain products leads made people to believe that the platform will soon accept bitcoin as a payment method. 

Bitcoin surged post the acceptance claims  

The news regarding Amazon beginning to accept Bitcoin pumped up the investors around the world and Bitcoin surged up to $40,499.68 (according to CoinMarketCap) on July 26, 2021. Since June 16, 2021, it was the first time when Bitcoin reached the $40,000 mark. However, as the e-commerce giant denied the acceptance of Bitcoin on its portal, the cryptocurrency starting soring down. At the time of compiling this report, Bitcoin stands at $36, 727 and is down by 3.85% (09:10 AM, July 27, 2021).

Even if Amazon is not accepting crypto as a payment option on the platform, it is still hiring a professional with experience in blockchain products and digital assets. Since the initial reports are denied, Amazon might be developing an understanding of the crypto market. The possibility of Amazon utilizing blockchain-based payment methods in the future cannot be repudiated. Previously, Tesla has been among the companies that decided to accept Bitcoin, however, Tesla CEO Elon Musk called it off. He said that crypto miners are causing too much harm to the environment, and Tesla will not accept crypto until a clean energy source is utilized to mine the crypto assets.