On July 25 , Bitcoin saw its biggest gain in six weeks, approaching $40,000 , Bloomberg reported, following reports of e-commerce giant Amazon 's possible involvement in cryptocurrencies . It rose 15% to $39,681, before paring its gains to $38,600.
The digital currency, whose price rose over 20% last week, also rose above its 50-day moving average for the first time since May 9.
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Last week, Amazon posted a job posting seeking a head of digital currencies, sparking speculation that it might be accepting cryptocurrencies in its transactions. The tech giant noted that the candidate should have experience in “Blockchain, Distributed Ledger, Central Bank Digital Currency, and Cryptocurrency.” According to the job posting, the head will be part of the company’s Payments Acceptance & Experience team and will also work with Amazon Web Services (AWS) to create a cryptocurrency-based strategy to integrate into its customer experience.
An anonymous source told the City AM that the e-commerce giant is also considering launching its own cryptocurrency by 2022 and that it may accept Bitcoin payments by the end of the year.
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This development comes on top of recent support for Bitcoin from other entrepreneurs . Twitter CEO Jack Dorsey, Tesla founder and CEO Elon Musk , and ARK Invest’s Cathie Wood all spoke about Bitcoin during a Bitcoin conference titled “The B-word . ”
Elon Musk said Tesla will likely start accepting Bitcoin for vehicle purchases again, provided that most of the mining is done with renewable energy. In May, Tesla suspended vehicle purchases amid concerns about the increasing use of fossil fuels for Bitcoin mining.
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While Amazon has not officially commented on potential cryptocurrency-related projects, a company spokesperson stated the following:
“We are inspired by the innovation that is flourishing in the cryptocurrency space and are exploring how this could happen at Amazon. We believe that the future will be built on new technologies that encourage modern, fast and inexpensive ways to pay, and we hope to bring this future to Amazon customers as soon as possible.”.
The prices of other cryptocurrencies, including Ether and Dogecoin, have also risen, following reports of Amazon's interest in innovating in the digital payments ecosystem.
