Cryptocurrencies Surge After Amazon Put Out Bitcoin Job Advertisement

Following the revelation of that the e-retailer Amazon.com about it hiring an expert in the field of cryptocurrencies, the value of some cryptocurrencies surged. The company put out an advertisement for a “digital currency and blockchain product lead” to look at “how Amazon’s customers pay”.

Following the advertisements, the price of bitcoin rose on Monday to more than $39,000 per coin from $29,000 a coin which marked the largest rise in its value in several weeks. There was also price gain for Ethereum and Dogecoin.

But Amazon is yet to confirm its plans for accepting cryptocurrency as payments while speculations started making the rounds.

Cryptocurrency enthusiast sites widely reported on the job advertisement from Amazon while an unnamed source was quoted in a report by London’s City AM newspaper as saying Amazon was “definitely” planning to accept bitcoin as payments in the near future.

In the advertisement Amazon note that the successful candidate for the new job would be required to:

  • have a deep understanding of cryptocurrency
  • “develop the case” for what Amazon should pursue
  • create the strategy for doing so
  • present the arguments to “very senior executives”

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” a representative of the company said.

“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.”

Bitcoin enthusiasts were “salivating for every nugget of news about the future” of cryptocurrency, said Hargreaves Lansdown’s senior investment and markets analyst Susannah Streeter.

“Amazon has scores of openings for blockchain specialists,” she said.

“Given the might of Amazon Web Services, it isn’t surprising that the tech giant wants to be at the cutting edge of new payments technology – and establishing a new digital currency is likely to be on the agenda,” she added.

“The sensitivity of crypto-coins and tokens remains stark and given the uncertain landscape ahead, with central banks looking to develop their own digital coins, investors should be wary of speculating with money they can’t afford to lose,” Streeter however added.

In a tweet last week, United States based electric car maker Tesla’s CEI Elon Musk indicated that the company could restart accepting bitcoin as payments as payments for its cars in the near future.

Both Musk and Tesla have made investments in Bitcoin.

For a brief period of time earlier this year, the electric car maker has started to accept the digital currency as payments but traced back its move following concerns being raised about the environmental impact of mining bitcoin. it is a known fact that the Bitcoin network as well as other cryptocurrencies use up vast amount of electricity i- most of which is produced by burning fossil fuel.

(Adapted from BBC.com)



Categories: Economy & Finance, Regulations & Legal, Strategy, Sustainability, Uncategorized

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