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Inside money, markets, and Big Tech

This article was published on July 27, 2021

Amazon denies it’ll accept crypto, Bitcoin swiftly drops

The retailer did acknowledge it's exploring crypto

Amazon denies it’ll accept crypto, Bitcoin swiftly drops
Thomas Macaulay
Story by

Thomas Macaulay

Writer at Neural by TNW — Thomas covers AI in all its iterations. Likes Werner Herzog films and Arsenal FC. Writer at Neural by TNW — Thomas covers AI in all its iterations. Likes Werner Herzog films and Arsenal FC.

Amazon on Monday denied a media report that the company plans to accept Bitcoin payments by the end of the year.

Speculation had been mounting about the e-commerce giant’s moves crypto strategy.

The rumors starting swirling last week after the company posted a job ad for a “Digital Currency and Blockchain Product Lead.”

They gathered pace on Sunday when UK-based news outlet City AM cited an unnamed insider as saying the retailer will take Bitcoin payments “by the end of the year” and plans to launch its own token in 2022. The digital currency then briefly surged above $39,000, its highest price since mid-June.

Amazon has rejected the claims published in City AM, but did acknowledge an interest in crypto.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said a company spokesperson.

“We remain focused on exploring what this could look like for customers shopping on Amazon.”

The response sent Bitcoin plunging below $37,000, while other coins also dipped.

Amazon’s denial will disappoint those who’d hoped the firm would create a huge crypto market, but the company’s confirmed interest in digital currencies offers some hope for the future.

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