Amazon is planning to accept Bitcoin by the end of 2021 according to an anonymously sourced report in the London newspaper City A.M. While this could be just another word from some insider, the price of Bitcoin has skyrocketed overnight and is creating a lot of buzz in the world of cryptocurrencies.
“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 anonymous source told City A.M. in an article published early Monday.
Bitcoin will be the first of roughly eight cryptocurrencies that Amazon will start accepting. Other coins that the company will accept are Etherium, Cardano, Bitcoin Cash, and more. The source further added that this plan has been in motion since 2019 and it won’t take long for the company to implement it.
Amazon is also planning to develop its own cryptocurrency, according to the source. The e-commerce giant might make it possible for customers to earn rewards for paying with what something might be called – the Amazon Coin.
Bitcoin rose nearly 13% on early Monday following the article from City A.M. going live, with the cryptocurrency hitting $39,143 around 2:00 a.m. ET. The price of bitcoin was just $34,420 only 12 hours earlier.
Amazon also posted interesting jobs over the weekend, including one for “Digital Currency and Blockchain Product Lead.”
From the Amazon job posting:
The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap. You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities. You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.
Amazon is just one of the first big tech to start embracing cryptocurrencies and we think that other companies will eventually follow the lead as well, pretty soon.