Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts.
The rumors took a strong root in the crypto community when a UK-based publication, City AM, published such news. According to City AM articles, it was highly likely that Amazon was looking for a way to make cryptocurrency payments possible for its consumers before the end of the current year. However, the management of Amazon has broken their silence, denying all such claims as mere gossips.
The fake rumors around Amazon and digital payments might seem a plausible explanation behind all the recent job postings. However, there are better reasons that can describe the current interest. According to many, the City AM is not a legitimate source for finding any type of news. Many investors took to Twitter to comment that City AM is the type of newspaper that one reads when their phone battery is dead, and there is nothing better to do.
The market reacted positively to these rumors as Bitcoin gained 14% in a matter of 24 hours. A few hours ago, Bitcoin was able to reach above $40K, but at press time, it has been reset to $38K. City AM also added two anonymous sources to make their claims more believable. While the record has been set correct by Amazon officials, many investors claim that when Amazon decides to make any big moves in the crypto arena, the anonymous sources would be better off talking to more established news sources.
The Company is still Exploring its Options with Cryptocurrencies
The rumors spread by City AM claimed that Amazon is planning to accept payment in currencies like Bitcoin, Bitcoin Cash, Ethereum, and Cardano. The management of Amazon has come forward to clear the misconception and told the media that at present, there are no such plans. At the same time, it has also been made clear that the e-commerce giant is still exploring its options in virtual currencies.
While the rumors were making rounds in the crypto community over the weekend, the price action of Bitcoin and Ethereum underwent a positive trend. Bitcoin could recover from a two-month consolidation period and breach 40K for the first time since June. On the other hand, silver crypto ETH was also able to get above $2K.