"We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible," shared an Amazon spokesperson.
Amazon is in the news nearly every other week with a new investment or innovation, and their most recent development is in the cryptocurrency space. The company thrives on being proactive in technology and innovation, so their interest in Bitcoin is not unexpected. Meanwhile, long-time Bitcoin supporter Jack Dorsey has revealed new avenues for Bitcoin’s adoption through social networks in hopes of making it the “native currency” of the internet.
Twitter and Square: Longtime Crypto Proponents
While Bitcoin has entered a temporary dip, smart money and industrial giants are staying steadfast with a bet on a cryptocurrency future. Bitcoin has been added to countless balance sheets for companies including Tesla, MicroStrategy, Square Inc., and Coinbase. Beyond this, many traditional institutional investors have moved into cryptocurrency, such as Goldman Sachs, Morgan Stanley, and Andreessen Horowitz.
Twitter and Square CEO, Jack Dorsey has once again come out in support of Bitcoin, this time to Twitter investors during its second-quarter earnings call. He explained that Twitter will be a “big part” of Bitcoin’s future. While this overlap has been speculated for some time, there have finally been concrete products revealed to integrate the cryptocurrency into the social network. Dorsey claims building Bitcoin into the company’s new features and systems “is the "best candidate" to become the "native currency" of the internet.” This opens a new door within Bitcoin’s mainstream utility as a social media staple.
Twitter intends to use it with several new products: “If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach." These developments will increase adoption and speed up the timeline for Bitcoin to become the first truly global currency.
While Jack Dorsey has long since been a proponent of Bitcoin, more recent developments have come from e-commerce conglomerate Amazon.
Amazon: A New Disruption?
Amazon, the fourth largest company on the planet, has previously expressed interest but has just recently made a large step towards making crypto payments a reality. However, it may not be that simple.
The company is looking to hire a digital currency and Bitcoin expert and is “inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.” However, an Amazon spokesperson recently came out and denied the specific assertions that the company was to start accepting Bitcoin this year. The job description asked for qualities relating to “blockchain, distributed ledger, central bank digital currencies and cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.”
Regardless, Amazon is still extremely interested in how decentralized finance will fit into their future product offerings. They remain focused on exploring what this could look like for customers shopping on Amazon. While they denied the specific assertions about crypto payments this year, they are still hiring for this area of development, so crypto enthusiasts can stay on watch for any exciting developments within the coming years. Amazon is not a company to let opportunities pass them by, so this can only mean positive implications for Bitcoin investors and miners.
Twitter and Amazon aren’t the only major public companies that are looking into how crypto can fit into their future development plans, as Apple also had a similar listing for Alternative Payments in May earlier this year. Apple looked for qualifications of over five years of experience “working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc.” The crypto community eagerly awaits a reveal for these developments from Apple.
Adoption from large software and social media companies will further enhance the applied use value of Bitcoin, making it more ingrained in everyday life. With 300 million active Amazon accounts worldwide, this will introduce a horde of everyday citizens to cryptocurrency. The execution of crypto payments on Amazon could very well be the most influential step for mainstream Bitcoin adoption ever. The job posting resulted in a slight jump in Bitcoin market prices, so one could only imagine what an announcement of crypto payments could do.
Be Ahead of the Adoption
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Integration of Bitcoin into Amazon or Twitter will skyrocket Bitcoin prices and may be what the coin needs to hit its next milestone of $100,000. Will you invest early and reap the rewards down the line?