Although a number of behemoth companies all over the world are to varying degrees accepting numerous cryptocurrencies as modes of payments, Amazon had not been part of any of them probably as a result of its volatility which is quite unpredictable.
Well from all indications the American multinational technology company; Amazon, is set to switch up its perspective on cryptocurrencies and is even looking to create a unique cryptocurrency as well as a blockchain strategy.
According to Business Insider there is a job listing by Amazon which revealed that the company which is known for e-commerce, cloud computing, digital streaming, and Artificial Intelligence (AI), is looking for a leader that will develop the company’s Blockchain strategy and Digital Currency while also setting up a product roadmap. The applicant once chosen and hired by Amazon, will be part of the Amazon Payment Acceptance & Experience Team. Said employee, will also be responsible for “how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe.” The implication of this essentially, is that Amazon is undoubtedly one of the largest retailers in the world, will begin to accept cryptocurrencies as payment methods in the not too distant future.
Although the American multinational technology company; Amazon while speaking to Business Insider confirmed that it will be accepting cryptocurrencies as payment methods, it did not however reveal the timeframe when that would happen exactly.
A statement by Amazon stated that, “We are inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.”
Amazon through the statement added that, “We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”
Amazon has in the past, expressed its skepticism with regards to Cryptocurrencies since as far back as 2017. Its initial skepticism was as a result of the lack of demand previously. As more and more people around the world have begun to accept and use Cryptocurrencies to carry out investments and also save, it has led to a corresponding increase in the number of establishments who have begun to make use of digital currencies or Cryptocurrencies as payment methods and even going as far as avoiding the conversion of said Cryptocurrencies to Fiat money.
What is not yet known at this time, is how exactly Amazon is looking to effectively deal with the well documented volatility of Cryptocurrencies like Bitcoin for example which can undergo numerous major changes in its price in a week and even on a daily basis.
Observers predict that the company; Amazon, will opt to quickly convert it Cryptocurrencies to Fiat money. It is believed that as an alternative Amazon, might also attempt to make some more profits from the Cryptocurrencies it accepts, by waiting for said Cryptocurrencies to increase in value and price.
Whatever Amazon decides to do with the Cryptocurrencies it eventually decides to accept as payment methods, the mere fact that the e-commerce giant will be accepting Cryptocurrencies as payment methods will increase the value of said Cryptocurrencies and will make the holders or hodlers of said Cryptocurrencies, richer.
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