Amazon, the popular e-commerce portal is in a true idyll. In the midst of the economic brutality that the quarantine has represented for commerce in general, the giant that presides Jeff Bezos has grown in an unstoppable way. Order numbers have risen to their highest levels and this has resulted in an impressive valuation on their stock levels. On Monday, July 6th, his stock (AMZN) reached over $3,000 in the middle of a historic day for Nasdaq.
However, beyond talking about the platform’s renowned economic success, it’s pertinent to ask at this point when we will see Bitcoin, the world’s largest digital currency, as a payment option within the world’s largest digital department store platform.
In order to try to come up with an answer to this, we must first analyze some of the hypotheses as to why Amazon is not accepting Bitcoin at this time, despite the consolidation and the large market that the main cryptomoney handles.
There is no market for Bitcoin
Based on a true statement issued from Amazon’s own offices, we can find that in 2014 they declared that they did not accept Bitcoin because it was not something that their users and consumers were asking for.
Does Amazon accept Bitcoin? How to buy on Amazon with BTC
After this publication more than 6 years ago, it is not known if the renowned e-commerce has tried to evaluate the interests of their users regarding Bitcoin. The reality within the market for Bitcoin in the middle of 2020 is not even remotely similar to what was seen in 2014. Their assessment, number of companies, nodes, miners and active wallets are just a sample of how the cryptomoney has grown to exponentially higher user levels than it has for years.
Lack of clear regulation
As an American company, Amazon must comply with all the parameters and regulations set by the American authorities. In fact, the online trading giant has come under even greater scrutiny lately because the company has been found to have violated some anti-monopoly laws.
Beyond the clarifications that Bitcoin is a commodity according to the CFTC and some diffuse regulations on the IRS for tax issues, the regulation on the use of cryptomonies at the commercial level is still not entirely clear in the United States.
It is possible that without a regulation that is clear enough, Amazon will not embark on maintaining Bitcoin within its accounting and operational records.
Amazon is thinking about having its own crypto currency
After Libra took the first step towards enterprise cryptomonies, it is likely that the rest of the Big Tech have thought about doing the same. Although Libra’s setback at the jurisdictional level may be anecdotal to everyone else, it probably did not discourage these possible plans.
The idea of an Amazon kryptonie is in fact not so far-fetched. With hundreds of millions of dollars in operations within its portal, the company could greatly benefit from managing a crypto currency of its own.
In fact, the idea is not alien to the corridors of Amazon in Silicon Valley and already proposals like the Amazon Coin have been presented within the market. Although this token has a very limited use, it allows us to detail that a digital currency of the Internet giant is not as strange as it seems.