Amazon cryptocurrency: Amazon has the potential to ‘distract customers from established cryptocurrencies.’
AMAZON sparked a firestorm in the cryptocurrency market this week after posting a job listing that appeared to indicate the company was looking into using Bitcoin as a payment mechanism.
On the heels of a recent announcement from Amazon, Bitcoin soared through the market this week. Someone having a “deep understanding” of the bitcoin “ecosystem and related technology” is needed by the company. BTC gained 14% of its value over the weekend, rising from $34,794 (£25,020) to $38,665 (£27,804) in a couple of hours.
According to a corporate insider, the listing was part of a coordinated effort to move the company toward bitcoin payments.
They claimed that Amazon was “definitely” considering Bitcoin as a payment option, with plans to issue a token.
And it’s a “full-on, well-discussed, important part of the future mechanism of how Amazon will run,” according to the company.
The command came from “Jeff Bezos himself,” according to the insider, and future tokenization might result in a “multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme.”
The rumors about these precise plans, according to Amazon, are “not genuine.”
A spokeswoman for the corporation told the Reuters news agency that they “remain focused” on researching how working with Bitcoin could look for them.
Experts believe that if Amazon so desired, it could create a token to compete with current currencies.
It might do so, according to Naji El-Arifi, Head of Innovation at Wunderman Thompson Commerce, a global eCommerce consultant, by connecting its own currency to Amazon’s Prime reward program.
“Rumours about Amazon betting on cryptocurrencies – and possibly launching its own native token – aren’t all that remarkable for a corporation that has expanded in every direction horizontally and vertically,” he told This website.
“After all, 54% of consumers would be willing to bank with their preferred marketplace, with Amazon being the most popular globally.
“Amazon will most certainly connect this cryptocurrency with its Prime loyalty program in order to entice additional subscribers; if it owns the currency, it will be able to personalize its offering and woo customers away from more established currencies.
“This will include not only Bitcoin but also prospective fiat currencies such as the dollar.”
Mr. El-Arifi also discussed the risks that investing in cryptocurrencies could pose to the company.
He wondered if Bitcoin’s “environmental impact” might “untie some of Amazon’s sustainability obligations.” Brinkwire Summary News