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Cryptocurrencies Not Making Their Way Upto Payment Methods for Amazon

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Recently, Amazon expressed its intention to explore the expertise of an individual or entity to explore how they could incorporate cryptocurrencies into the Amazon infrastructure. However, this did not mean that Amazon was readily accepting cryptocurrency as a part of its intentional and valid payment method.

Speculations

A British news agency City AM reported that Amazon was “definitely lining up Bitcoin payments” and this news made headlines among the people learning, earning and promoting cryptocurrencies online including that of Ethereum and Bitcoin. The news was suddenly being circulated in major social media groups.

Effects of News

As soon as the news circulated, the charts and prices of Bitcoin went up and caused a major increase.

Denial of News

Amazon was quick enough to deny the news and said that the speculation being circulated online is not true. Reportedly, instructions for the research on cryptocurrencies by Amazon was coming from Jeff Bezos however at the time of reporting, Jeff Bezos did not hold any position in Amazon as CEO. Although being in the company’s executive chair, it denied the report.

Conclusion

Earlier in the past, Tesla also announced officially that it would start accepting Bitcoin as a valid payment method however it quickly stepped down from its announcement and course of action after a few months. The major reason behind stepping down from this step by Tesla and reportedly by Amazon is mainly due to environmental concerns. Unless these concerns are dealt with, it is relatively hard to say when these companies may opt for going towards cryptocurrencies.

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