Amazon is the US based trillion dollar juggernaut which is known for its diverse business lines and services worldwide. According to a report from MKM Partners
“Amazon could reach a $2.5 trillion stock market value by 2024, and its very profitable cloud business is a big reason why.”
That being said Amazon still doesn’t accept bitcoin or other digital currencies as method of payment for their services. The world’s largest digital currency Bitcoin which has made its way into different industries across the world has failed to crack this huge market.
There are many controversies and theories as to why amazon hasn’t accepted bitcoins as of yet. Some experts believe the actual reason behind this could be,
- The value of a bitcoin being highly volatile and unstable, it could be a challenging task to price the products and services on amazon platform.
- No solid regulations around the whole entity
- Processing return and refund while price fluctuates would be another nightmare.
Amazon has big tie-ups with major Fintech companies such as MasterCard, Visa to name a few; the payment methods are being used by majority of consumers so it’s only logical for Amazon to not jump ahead with cryptocurrencies as only a fraction of their consumers deal with it.
Amazon CEO Jeff Bezos is again not a big fan of bitcoin and in the year 2016, Washington post an article in which Jeff quoted,
“RIP, Bitcoin it’s time to move on”
However in the year 2017 through 2018 it was claimed that amazon had started to acquire several cryptocurrency related domain names such as amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com.
This led to many speculations that amazon would indeed accept bitcoins as one of their payment methods or may be even Amazon were working on a cryptocurrency of their own. With many rumors coming in each day, it is quite uncertain as to what plans Amazon holds in the Crypto world.