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Amazon Denies Cryptocurrency Rumour

Many people who have already used bitcoins to buy goods and services might have been excited by rumours that Amazon were about to start accepting them as payment - but the tech firm has set out to quash the speculation.

Rumours began when City AM claimed that an unnamed insider at Amazon had revealed the firm was looking at accepting bitcoin payments by the end of the year. This revelation followed the recent publication of an advert by Amazon for a ‘digital currency and blockchain product lead’.

Concluding there was no smoke without fire - and in this case more flames than a space rocket carrying Jeff Bezos - the ever-volatile cryptocurrency markets reacted with great excitement, with market values doing their own impression of a craft achieving escape velocity.

Unfortunately for those betting on the rumours being true, Amazon issued a statement denying they have any plans to accept cryptocurrency as payment.

A company spokesperson told Reuters: “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”

Despite this, cryptocurrency prices remained elevated above their level before the Amazon rumours, which might be because some will conclude that Amazon is still weighing up the possibility, rather than ruling it out permanently.

Either way, now may still be a good time for a commemorative bitcoin purchase, as there are plenty of other cutting-edge firms that are willing to accept cryptocurrency payments.

Among them is Tesla, with Elon Musk recently announcing that the electric car firm is looking at accepting such payments again after receiving assurances over the energy - and thus climate change - implications of cryptocurrencies. He said they will be acceptable provided enough renewable energy is used in mining them.

Mr Musk had previously announced in May that Tesla would stop accepting such payments due to the high amount of energy used in cryptocurrency mining that had been powered by fossil fuels.

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