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Bitcoin and other cryptocurrencies have fallen on hard times recently, but the sector may have found its hero in the form of
Amazon.
The company’s job vacancy advertising for a “digital currency and blockchain product lead” has sparked rampant speculation over what the tech giant might have planned. The new position will be part of the team responsible for how Amazon’s customers pay on its platforms.
The possibility of Amazon accepting cryptocurrency payments—by the end of the year, according to some reports—saw Bitcoin surge to six-week highs just below $40,000. There’s even the suggestion the internet behemoth could be developing its own coin and may also accept alternatives such as Ethereum.
Cryptocurrencies face a fight over their role in society, their use, and ultimately their value. Acceptance by a company as big as Amazon will only help their case. It’s a bold move from Amazon, and how the company deals with the famed volatility of cryptocurrencies will be fascinating to see.
Investors may not need to wait long for answers. Amazon reports earnings on Thursday and executives will surely face a volley of questions on the matter.
—Callum Keown
***On this week’s Barron’s Streetwise podcast, columnist Jack Hough discusses the future of power distribution and why breaking up is a bad idea with Duke Energy