Amazon is thinking seriously about accepting Bitcoin as a means of payment. Just some days passed since we heard rumours regarding Amazon and Bitcoin. On October the 31st, the famous retailer company registered three domains related to Bitcoin and cryptocurrencies.
Amazon and Bitcoin, a Special Relationship
The fourth largest company in the world could soon accept Bitcoin payments. The domains registered by the company are amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. In addition to it, the company had already registered another domain named “amazonbitcoin.com”.
Some weeks ago, a rumour circulated regarding the possibility of Amazon accepting Bitcoin payments on its platform. The German news outlet, Die Welt, commented that James Altucher, an important investor, gave some hints about Amazon and Bitcoin.
Silicon Valley backs this possibility. Important and recognised figures believe that it is a matter of time that Amazon would implement Bitcoin payments. “Amazon opts to include new products or services only when these are useful for customers – until that point, we do not engage in rough speculation,” told to Die Welt a high staff from Amazon.
This possibility was denied by Amazon Pay’s VP Patrick Gauthier. He said that, as there is little demand for Bitcoin payments, Amazon does not plan to accept this cryptocurrency.
The Biggest Company by Market Capitalization Accepting Bitcoin
Although customers can still buy in Amazon with Bitcoin (through giftcards), this possibility could change the Bitcoin market. At the moment, few companies accept Bitcoin as a means of payment. If the rumours are true, Amazon would be the biggest company by market capitalization, accepting Bitcoin payments.
Any move by Amazon would have great impact in the markets and in the way individuals interact with Bitcoin. Could Bitcoin start to be used as a means of payment instead of a speculative asset? If the biggest retailer company in the world starts to accept this currency, Bitcoin would receive a big support.
In June, Amazon reached 1 trillion dollars of market value. This number is almost ten times bigger than Bitcoin market capitalization. If today, Bitcoin had 1 trillion market capitalization, the cryptocurrency price would arrive at $66,000 dollars.
Just some days ago, the Chicago Mercantile Exchange (CME), announced a plan to launch Bitcoin futures. This would allow Bitcoin price to keep growing. In fact, Bitcoin price received a bump when the market knew this information. Bitcoin arrived at $6500 dollars and some days later at $7300. At present, it is traded at this price.
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