Bitcoin Inches Closer to $40K after Reports of Amazon’s Crypto Plan

After a dull week, Bitcoin is roaring back towards the $40,000 mark. The cryptocurrency gained almost 13 percent in the last few hours and is now trading above $39,000, as of press time. One of the main factors behind this rally is the reports on Amazon’s decision to accept Bitcoin as payment.

According to a London business newspaper, City A.M. in a report published late Sunday, the global e-commerce giant, Amazon is preparing to accept Bitcoin as payment by the end of 2021. Additionally, the company is investing in the development of its own token.

The revelation followed a job posting by Amazon in which the company is seeking a cryptocurrency and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term lead.

“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,” an anonymous insider told the publication.

“It begins with Bitcoin. This is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.”

Big Tech's Crypto Push

Though Amazon is not the first company to add a Bitcoin payment method, it is certainly the most influential one. It operates the top e-commerce store globally with hundreds of millions of people as its customers.

“This entire project is pretty much ready to roll,” the insider added, adding that the company has been working on it since 2019. After Bitcoin, Amazon also has plans to add Ethereum, Cardano, and Bitcoin Cash for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

Earlier, Tesla started to accept Bitcoin for the buyers of its electric cars but later scrapped it. The company’s billionaire CEO Elon Musk recently said that the car company is considering taking Bitcoin again.

Furthermore, the e-commerce giant is working on the development of its native token.

“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token,” the insider added. “There’s little more to it, for now, but you can guarantee the Bitcoin plan will be monitored closely as opportunities with Amazon’s own version of a crypto will be explored.”