In late July 2021, mainstream media buzzed with reports that Amazon might soon accept Bitcoin and other cryptocurrencies. This sparked a Bitcoin price surge and fueled talk of an Amazon token launch.
An Amazon spokesperson quickly clarified to Reuters: "Despite our interest in the space, speculation around our specific plans for cryptocurrencies is not true."
Yet the story's origins raise questions worth exploring.
On July 22, 2021, Amazon posted a job listing for a "Digital Currency and Blockchain Product Manager." Outlets like Business Insider and CoinDesk highlighted it, with Business Insider suggesting crypto payments could be imminent.
City AM went further, citing an anonymous "insider" claiming Bitcoin payments by year-end, followed by Ethereum, Bitcoin Cash, and Cardano. The source even alleged an Amazon token launch directed by Jeff Bezos.
However, Bezos had stepped down as CEO earlier that year, serving only as Executive Chairman—unlikely to drive such decisions unilaterally under new CEO Andy Jassy.
Post-denial, City AM shifted to broader institutional crypto interest, while others awaited details on the job role, prolonging speculation.
Believers in the rumors or Amazon's denial aside, markets reacted. On June 26—aligned with key articles—Bitcoin surged over 15%, with spot trading volume doubling. The denial triggered a 6% drop and declining volume, amid other influences.
In 2014, amid crypto card-buying frenzy, Amazon's payments head eyed Bitcoin but cited insufficient customer demand after review.
This echoed Overstock's 2014 Bitcoin adoption, which CEO Patrick Byrne said boosted initial sales, then steadily grew.
November 2017 saw Amazon Web Services register crypto-related domains, igniting similar headlines without comment, amid Bitcoin's push past $7,000.
On tokens, Amazon launched Amazon Coins in 2013 for Kindle Fire app purchases—more like points than true crypto. Kik Messenger later evolved Kik Points into the Kin cryptocurrency.
Amazon and Bitcoin rumors persist, but crypto payments remain absent. Unlike 2014's disinterest, Amazon now acknowledges "interest in the space." As a retail giant, BTC integration could accelerate adoption.
Even cautious Amazon may shift: eBay recently embraced NFTs. With competitors evolving and crypto maturing, genuine news could emerge soon.
