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You might have heard some rumblings this week about a $1.6tn online retailer that is about to accept bitcoin as payment. Something something Amazon, something something digital currency, something something “insider” . . .
The rumblings started when Amazon put up an advert for a new job on July 22: “Digital Currency and Blockchain Product Lead”. The advert said (emphasis ours):
You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.
Don’t you just love developing the case for the capabilities which should be developed for new capabilities? Wonderfully fluent corporatese, of course, but the ad didn’t actually explain what kind of product this “product strategy” would be concerned with.
But someone had to! So a number of esteemed news outlets covered the exciting job ad, like Business Insider, who went with “Amazon may soon allow users to pay in cryptocurrencies like Bitcoin” for its headline.
A bit of a leap, perhaps? Somewhat understandable, though, particularly as Amazon had put out a press statement saying they were “inspired by the innovation happening in the cryptocurrency space” and were “exploring what this could look like on Amazon”. It’s not the first time we’ve seen such speculation, either — back in 2017 we had very similar headlines after Amazon registered three crypto-related domain names.
But some news outlets went further — one managed to get someone very much in the know to confirm that Amazon was indeed about to accept crypto as payment. “Amazon ‘definitely’ lining up Bitcoin payments and token, confirms insider”, was City AM’s headline, in a piece first published on Sunday, which explained that the high-street destroyer would be accepting bitcoin payments by the end of the year.
The story sent bitcoin moonward, with the bros’ favourite jumping as much as 14.5 per cent on the back of it, according to Reuters, to above $40,000 on Monday. (Although we suspect that there were also other forces tethering bitcoin’s price action that day.)
After all, the insider in question — anonymous, you understand — seemed to have really quite a lot to say (emphasis ours):
“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,” she told City AM.
“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.”
It’s almost as if
the person who cooked this up this…