Amazon, the frontrunner in e-commerce, retail, groceries, shipping, may be looking into the cryptocurrency market. On Wednesday, November 1 Amazon registered three crypto related domain names, according to DomainNameWire. The three domains, AmazonCryptoCurrency.com, AmazonCryptoCurrencies.com, and AmazonEtherum.com were all registered at the same time. Amazon also owns AmazonBitcoin.com, which further strengthens the speculation that Amazon may be entering the Crypto business.
All this news does contradict a statement made by the VP of Amazon Pay, Patrick Gauthier who told CNBC, that Amazon did not plan to accept cryptocurrencies, do to a lack of demand. This demand may be changing, now that bitcoin has surpassed $7000 for the first time. This is a great step in the direction towards a crypto-based payment system.
The crypto-community has long been ready for mainstream businesses to accept bitcoin, as seen when a rumor about Amazon’s interest in bitcoin sent Bitcoin’s value to record-setting highs. Unfortunately, though, all of this may be unnecessary news, as contradicting reports have come out saying that Amazon is simply buying domains to prevent others from misusing the Amazon name.
Yet another conjecture surfaced, which is different than the rest but has much potential. Amazon could be launching their own cryptocurrency. This sounds crazy, but if you look at the large steps Amazon has taken in other areas, it is quite feasible. Amazon has never hesitated to take a risk and in the past, these bold moves end up well for the giant. If Amazon launched their own cryptocurrency, together with the massive force of their marketing team could push crypto into the mainstream. Although it could hurt smaller coins, it would bring crypto to the everyday consumer, opening a brand new market waiting to be filled.
Each of these hypotheses has their pros and their cons, leaving room for debate on which should see the light of day. How will these developments affect the market, we will just have to wait and see.