Bitcoin surges as Amazon hints it may embrace crypto
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The price of bitcoin surged Monday morning to as high as $39,770 per coin after a job posting from Amazon hinted that the company is considering embracing cryptocurrencies.
The price of the digital currency was last seen trading almost 11 percent higher, at $38,200 per coin, according to Coinbase data.
That brings its price back to levels not seen since mid-June and comes after weeks of difficult trading that saw bitcoin slip briefly below $30,000 per coin last week.
Other popular cryptos also rallied into the start of the week.
Ethereum was up almost 8 percent, to $2,300 per coin as of 6:30 a.m., and cardano was up about 9 percent, to $1.34 per coin.
The overall crypto market swelled by almost $120 billion in market cap, according to data from CoinMarketCap.
The surge in value comes after e-commerce giant Amazon posted an ad for a “Digital Currency and Blockchain Product Lead.”
“As one of the largest e-commerce companies in the world, Amazon processes billions of secure on-line transactions via numerous payment methods and capabilities around the globe,” the ad says.
“The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap,” it adds.
And according to an anonymous source within Amazon that was quoted by London newspaper City A.M., the job posting is just the surface of a more committed push into the space.
“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,” the anonymous source told City A.M. in the article, which was published early Monday.
“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,” the source added.
Bezos stepped down as CEO of Amazon earlier this month, but remains executive chairman of the board of directors.
“Ethereum, cardano and bitcoin cash will be next in line before they bring about eight of the most popular cryptocurrencies online,” the source added, according to City A.M.
The source also claimed that Amazon’s crypto push has been in motion since 2019.
Also perhaps pushing the price of bitcoin higher is last week’s “The B-Word” conference. in which Twitter CEO Jack Dorsey, Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood all came together for a discussion on bitcoin.
At the conference, Musk said Tesla will “most likely” start accepting bitcoin again as more renewable energy is being used to mine the digital currency.
He also reiterated that he’s not selling his personal holdings of bitcoin any time soon and disclosed that his company SpaceX also owns bitcoin.
Twitter’s Dorsey also had kind words for the crypto, saying later last week on the company’s earnings call with analysts that bitcoin will be a “big part” of the future of the social media company.
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