UPDATE: An Amazon spokesperson denied rumors that the company will begin accepting cryptocurrency as payment, according to Reuters.
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.