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Will Amazon accept Bitcoin as payment?

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Written by: Emma Lunn
26/07/2021
The virtual currency has soared in value after a job ad for a ‘digital currency and blockchain product lead’ at Amazon was published.

The vacancy has led to speculation that the online retail giant will start accepting cryptocurrencies as payment. Bitcoin was up 12% to $38,723 (£28,169) on Monday morning, marking the cryptocurrency’s highest price in more than a month.

The job posting, based in Seattle, said the role would be based within Amazon’s payment acceptance and experience team, suggesting the company could be looking to accept cryptocurrencies in the near future.

Amazon said the role would involve “innovating on behalf of customers within the payments and financial systems of one of the largest e-commerce companies in the world”.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “When a simple job ad appears to spark resurgence in the value of Bitcoin, it shows how the crypto world is salivating for every nugget of news about the future use case for digital currencies.

“Given the might of Amazon Web Services, it isn’t surprising that the tech giant wants to be at the cutting edge of new payments technology and establishing a new digital currency is likely to be on the agenda. But the expectation that payment may also be accepted from the current crypto kids on the block has also led to a spike in their value.  Over the past 24 hours Bitcoin has risen by 11%, Ethereum by 8% and Dogecoin by 11%.”

Crypto fans are also hanging on every word of Elon Musk and his hint that Tesla could start accepting Bitcoin again. The suspension of Bitcoin as a means of payment for Tesla cars sent the currency plunging in May, but Musk has since indicated that the firm could potentially accept Bitcoin in the future when more renewable energy sources are used for Bitcoin mining.

Streeter said: “Crypto assets are also largely following sentiment in financial markets. The sharp fall in stock markets around the world a week ago, was mirrored in the crypto world, and the rebound came as fears receded about the impact of new variants on economic recovery.

“The sensitivity of crypto coins and tokens remains stark, and given the uncertain landscape ahead, with central banks looking to develop their own digital coins, investors should be wary of speculating with money they can’t afford to lose.’’

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