After some years in crypto, we can instantly recognize news that matters from what is not looking too credible. Sadly the Amazon news on accepting cryptocurrencies was just a hoax, misinformation, or maybe even something Amazon wasn't ready to admit.
After the rumor emerged, about 12 hours, I've written an article debunking this rumor on Medium: "Debunking the Amazon Bitcoin Rumor" (Source).
It was very clear that this was some kind of trick news with market reasons to be published. The reaction to this rumor by the crypto media further increased my suspicions, so I decided to proceed with writing this article debunking the rumor.
Especially since articles like this one appeared:
However, the reply by another anonymous Amazon spokesperson that was given to the public via Coindesk also doesn't seem to contain credible information.
I'm not saying the reply by Amazon was also made up or it contains lies as well. It just wasn't the response I was expecting from a corporation with the magnitude of a trillion-dollar market cap.
Amazon's answer left us with even more questions instead.
Amazon Denied the Bitcoin Rumors
About 24 hours later Coindesk reported that Amazon wasn't planning to accept cryptocurrencies.
“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true... We remain focused on exploring what this could look like for customers shopping on Amazon"
Source: Coindesk
This was the response from an email Coindesk announced and reportedly received in e-mail probably after questioning the company for the validity of such claims.
This is not a proper response either. It proves that corporations do not treat the cryptocurrency industry with the desired respect, but also point us in a direction that could be misleading.
Coindesk didn't name the spokesperson that denied the Amazon rumor, so we can only assume this response was coming from a middle management executive that simply followed the company's procedures.
We already know that Amazon is exploring these avenues. Cryptocurrency is not something new for Amazon, and as any other major e-commerce business, it has all been investigating this industry thoroughly.
What mattered most in this reply was the fact that this was a reply leaving clues for a possible change in attitude in the future. It was a typical hastily made response wrapped up in a way to not disappoint crypto enthusiasts. Probably Amazon understands that this time the cryptocurrency audience has grown significantly.
Perhaps the first rumor was true, but it also brought Amazon in a difficult position. It wasn't possible to completely disappoint customers it has that probably want to use their crypto holdings.
Lately, surveys in the US have found that 13% of Americans traded cryptocurrencies. (Source CNBC). This is more than 40 million Americans. A figure that Amazon or any other company can't ignore.
Conclusion
Source: GlobalCitizen
Amazon plans to create and release its own version of a digital currency. There is no design ready yet, and judging from the latest ads from Amazon it seems it is not something that is going to be developed in the short term.
What is expected from Amazon is the creation of a stable coin, with infinite supply, and inflation at the control of the parent company.
A digital currency similar to Libra. And Amazon will have to deal with the same regulators that do not accept private currencies mess with the dollar or the euro. It will be interesting to see how Amazon will differentiate its position from Facebook and manage to proceed with the release of a private stable coin under its control.
Originally posted at Hive
Images:
Lead Image Source: flickr by Bernard Goldbach (Creative Commons Licence)
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