After dipping below $30,000 last week, Bitcoin and other cryptocurrencies have enjoyed a sharp increase in value thanks in part to signs that Amazon may be preparing to accept crypto as payment.
After dipping just below $30,000 last week, Bitcoin has been enjoying a steep rise over the last 6 days, and much of that rise might be thanks to new interest from one of the most valuable companies on earth: Amazon.
The surge has Bitcoin up to $35,428 at the time of writing — far from its all time high above $63,000, but moving up 18.9% in just a few days.
The rally came after tweets and statements from Elon Musk and Jack Dorsey in support of crypto, but was also fueled by speculation that Amazon might soon accept Bitcoin as payment. More specifically, the speculation was fueled by a single job listing for a “Digital Currency and Blockchain Lead” posted by the company on July 22.
The job listing made headlines at the Wall Street Journal this morning, and a post about an “insider” confirming that the company is working on Bitcoin payments made the front page of r/Bitcoin, where users were equally bullish and skeptical of the report. It’s easy to see why an entry from Amazon into cryptocurrency excites investors and crypto enthusiasts, but exactly how big is Amazon’s push into the market?
Amazon has 28 open job listings for roles with keywords that include “cryptocurrency,” and/or “blockchain” at the time of writing, according to Thinknum data. Amazon has had a love-hate relationship with crypto-related job listings over the last two years, but hiring has been on the rise throughout 2021 even as the value of crypto has been on a decline. The tech giant slashed crypto-related job listings in 2021, but spent 2021 rebuilding its hiring effort.
Not all of Amazon’s “Blockchain” job listings are cryptocurrency-related, however. Many listings, like one for a “Software Development Manager II — AWS Blockchain,” are specific to Amazon’s “Managed Blockchain” service which uses the technology not to manage digital currency but to create and grow private networks.
Of the 28 listings, the recent Blockchain Lead position is the only one that specifically deals with accepting cryptocurrencies as payment. Still, the listing does hint at a potential long-term future for crypto at Amazon. “The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap,” the listing reads.
Amazon may not have dipped much into crypto so far, but both its experience with blockchain and the fact that this job listing came a few days after Bitcoin hit its yearly low, are signs that the firm may be preparing for a long future with digital currencies.
About the Data:
Thinknum tracks companies using the information they post online, jobs, social and web traffic, product sales, and app ratings, and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Originally Posted on July 26, 2021 – A Single Amazon Job Listing Helped Push Bitcoin Back Above $35,000
Disclosure: Interactive Brokers
Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from The Business of Business - Thinknum Media and is being posted with permission from The Business of Business - Thinknum Media. The views expressed in this material are solely those of the author and/or The Business of Business - Thinknum Media and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
In accordance with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.
Disclosure: Digital Assets
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. Eligibility to trade in digital asset products may vary based on jurisdiction.