Amazon’s Mysterious Bitcoin Wallet Causes Crypto Market to Flurry.
Rumors are circulating that Amazon has launched a Bitcoin wallet. If true, this would be a major step for the company, which has been reluctant to enter the cryptocurrency domain thus far. The idea that Amazon may soon offer Bitcoin payments through a wallet app is exciting for many people in the amazon crypto coin space. It also has a dampening effect on other cryptocurrencies, as traders worry about what an Amazon wallet might mean for the future of Bitcoin and other digital currencies. Here’s everything you need to know about Amazon’s mysterious Bitcoin Wallet.
What is Amazon’s Mysterious Bitcoin Wallet?
Amazon has created an Amazon Bitcoin wallet which they have dubbed “Amazon Bitcoin Wallet”. This is supposedly just a rumor, but it’s unclear if that’s accurate or not. The app would offer Bitcoin payments through its own shopping platform. This means you could theoretically buy amazon crypto coin items from Amazon with Bitcoin, as long as it reaches a certain price. If this is true, then this is a major step for the company as they have been hesitant to enter the cryptocurrency domain thus far.
Why the Rumor Matters
Amazon has never made any moves into the cryptocurrency market, but that may soon change if this rumor is true. Some traders are speculating about what an Amazon wallet could mean for Bitcoin and other digital currencies.
The speculation started after Reddit user “amishmanish” posted on the social media platform that they had seen evidence of Amazon developing a Bitcoin wallet app. They wrote in the post, “I work in IT support at a University and our campus has an Amazon office with around 50 employees. Before Christmas break, I was talking to some co-workers and one of them mentioned they thought Amazon was working on adding bitcoin as a payment method. If true, this would be huge news for the crypto community, which has been anticipating such a move for years.
Why Investors Should Care
Investors should care because a company as large as Amazon entering the crypto space would have a major effect on the market. For example, if Amazon were to offer a Bitcoin wallet app, it’s likely that many people would start to make their purchases through this app instead of going through traditional methods. This would cause the value of Bitcoin and other cryptocurrencies to drop as people started to sell off their holdings in these currencies.
What Happens Next?
It’s unclear what Amazon will do to the cryptocurrency market in the future.
Many people believe that Amazon may embrace Bitcoin and other amazon crypto coin in the near future. Other retailers like eBay, Square, and Walmart have already started to accept Bitcoin payments. If Amazon does start accepting Bitcoin payments, it could be a huge catalyst for the bitcoin price. On the other hand, it could also cause a massive crash if Amazon decides to compete with digital currencies.
Bitcoin is dependent on its network effect–meaning that as more people use it, more people want to use it. If Amazon did something to hurt Bitcoin’s network effect, such as launching their own cryptocurrency or refusing to process payments in Bitcoin altogether, this would have a damaging effect on the digital currency’s value. For now, we’ll have to wait and see.
Amazon’s mysterious Bitcoin wallet is a rumor that started earlier this week that Amazon.com, Inc. is considering the creation of a “cryptocurrency wallet. This would be a noteworthy development, as Amazon is one of the most influential companies in the world. However, the announcement was not made by Amazon itself.
Currently, the crypto market is in a frenzy as investors buy and sell currencies with frenetic energy. However, a major flaw in this rumor is that Amazon has yet to actually announce anything regarding a crypto wallet.
The market will settle down soon as reality sets in and investors realize this is not a serious possibility. As it stands, Amazon’s mysterious Bitcoin wallet is just that: a rumor with no substance.