A report from a London tabloid alleged that an anonymous insider at Amazon had news that it would start to accept Bitcoin and other cryptocurrencies by the end of the year.
This rumor quickly spread across news sites and social media. Amazon has since denied the rumors via an email statement to Coindesk.
Amazon denied the report from City A.M. and said that it has no plans to launch a crypto by 2022 and will not accept Bitcoin this year, but that it will continue to explore cryptocurrencies and blockchain.
“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," said the Amazon spokesperson.
City A.M.'s source said that Amazon had a fully-fledged plan to allow crypto payments and that it would be an integral part of the company going forward.
"This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work," said the source.
Don’t miss out on how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
The source even said that this project had come down from Jeff Bezos himself.
“It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.”
The Amazon insider said that the company was looking to add far more than just Bitcoin and that they have been working on this since 2019.
“Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online. It won’t take long because the plans are already there, and they have been working on them since 2019. This entire project is pretty much ready to roll.”
The source also added that Amazon is looking to develop its own native token after all the big cryptos are integrated.
“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favor – a native token," explained the source.
Amazon starting to accept Bitcoin and even going as far as to make its own token lit the crypto community on fire and Bitcoin pumped nearly 11% on the day, only to drop back down after it denied the rumors.
This is the second time Amazon has been in the news for cryptocurrency in the last week. The company caused a stir on Friday after it published a new job listing for a digital currency and blockchain product lead that would "own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap."
While Amazon has denied the reports from the City A.M. insider, the company's new job listing shows that it has some level of interest in cryptocurrency or blockchain.
This story is developing.