Amazon (AMZN.US) is reportedly preparing to accept Bitcoin payments by the end of the year, with plans to develop its proprietary cryptocurrency in 2022. Insider sources reveal that the e-commerce giant has been strategizing this move since 2019. Following Bitcoin, Amazon is expected to integrate Ethereum, Cardano, and Bitcoin Cash, eventually supporting eight major cryptocurrencies.
Strategic Hiring for Crypto Expansion
On July 26, media reports highlighted Amazon’s recruitment of a Digital Currency and Blockchain Lead to spearhead its payment team. This role involves crafting Amazon’s "digital currency and blockchain strategy and product roadmap," signaling deeper crypto integration. The ideal candidate requires:
- 10+ years in management, marketing, or tech.
- Expertise in leveraging customer data for innovative solutions.
- Ability to design blockchain industry strategies.
Earlier Cryptocurrency Initiatives
Five months prior, rumors surfaced about Amazon developing a proprietary digital currency for its platforms. In February 2021, the company explored launching a "digital currency" pilot in Mexico. Amazon stated:
"We’re inspired by the crypto space’s evolution and are actively exploring how Amazon can participate. We aim to deliver fast, low-cost payments using cutting-edge technology."
Tech Giants Embrace Crypto
Other tech leaders are also advancing crypto adoption:
- Facebook (FB.US) backs the Diem digital currency project.
- Apple (AAPL.US) seeks a lead negotiator for "alternative payment" partnerships, listing crypto as a key focus area.
Bitcoin Market Surge
Fueled by bullish comments from Ark Invest’s Cathie Wood and Tesla CEO Elon Musk, Bitcoin surpassed critical resistance levels in late July:
- Briefly exceeded its 50-day moving average on July 24 for the first time since May 12.
- Peaked at $34,609, closing at $38,081 (+11% daily gain).
FAQ
1. Which cryptocurrencies will Amazon accept initially?
Amazon plans to start with Bitcoin, followed by Ethereum, Cardano, and Bitcoin Cash, eventually expanding to ~8 major cryptos.
2. What’s Amazon’s long-term crypto strategy?
Beyond payments, Amazon aims to launch its own cryptocurrency in 2022 and deepen blockchain integration across services.
3. How does Amazon’s move impact the crypto market?
👉 Amazon’s endorsement could accelerate mainstream crypto adoption, mirroring Tesla’s influence earlier this year.
4. Are other tech companies adopting crypto?
Yes, Facebook’s Diem and Apple’s crypto-focused hiring reflect industry-wide momentum toward digital currencies.
5. Why did Bitcoin’s price surge recently?
Key factors include institutional interest, Tesla’s renewed support, and breaking technical barriers like the 50-day moving average.
6. Will Amazon’s crypto be available globally?
Details are unconfirmed, but pilot programs (e.g., Mexico) suggest a phased international rollout.