The rumours that Amazon will start accepting Bitcoin have been circulating for months, if not years.
The famous retailer has stated many times that Bitcoin and cryptocurrency are not areas they are looking into due to the low demand.
However, with the recent popularity and price of Bitcoin, Amazon could have changed mind.
The Truth Behind Amazon and Bitcoin
Amazon was expected to announce its Bitcoin news at its annual conference in October. However, no news regarding accepting Bitcoin has seen the daylight.
The e-commerce conglomerate has allegedly registered three domains related to cryptocurrency: amazonethereum.com, amazoncryptocurrency.com and amazoncrytpocurrencies.com.
But, a few years ago, Amazon has already registered a domain amazonbitcoin.com and has never done anything with it since.
Amazon has not released a statement behind purchasing these domains, but it could be just a security measure for nobody else to get their hands on it.
On the other hand, the US has strong laws against the so-called ‘domain-squatting’ – registering a domain with the intention of benefiting from someone else’s trademark.
While it’s possible Amazon is considering Bitcoin as a method of payment, it’s highly unlikely to happen shortly.
Amazon and Bitcoin Myth Debunked
As one of the world’s most famous retailers, Amazon has been expected to start accepting Bitcoin for a long time. If they did, it would be one of the most significant steps in Bitcoin history as it would be the beginning of Bitcoin’s mainstream acceptance.
If Amazon were going to accept Bitcoin, it would give the well-known cryptocurrency an extreme credibility boost
However, Amazon has never made any public statements, and frankly, it is unlikely to start accepting Bitcoin anytime soon.
Amazon accounts for almost 50% online retail space in America, and accepting Bitcoin will not likely bring a noticeable increase in sales. Further, Amazon’s valuation is nearly four times the size of cryptocurrency market.
Interestingly, combining the market cap of all cryptocurrencies, including fluctuating Bitcoin, cryptocurrency market falls behind Amazon’s founder Jeff Bezos by $15 billion. This proves that Amazon does not really have that much to gain by accepting Bitcoin.
So if you thought that that Amazon would start accepting Bitcoin, then you should prepare yourself for a disappointment. At least, in the near future.
For the time being, the rumours will keep on circulating and will bring extra press attention to Amazon and encourage investors to Bitcoin.
And if you are wondering how to make purchases with Bitcoin on Amazon, make sure to check our previous article on Amazon and Bitcoin.