It’s a familiar name in an unfamiliar place that may have injected adrenaline into Bitcoin (CCC:BTC-USD) to start the week. That name? Amazon (NASDAQ:AMZN). And since the “everything store” posted a job opening in the digital currency space, everything BTC has caught fire. Let’s dive in more on the Amazon Bitcoin news this morning.
Bitcoin’s value has increased 11.2% in the last 24 hours, following what was a pretty good week for BTC bulls. The biggest cryptocurrency pushed past the $34,000 level after several weeks of stirring below that level.
On the technical side, that move through resistance tested the 21-day simple moving average for the first time since May. The next stop, seen by many analysts as a long-term bullish move, would be the $45,000 level.
Going into Monday’s market open, shares of miners SOS Limited (NYSE:SOS), Riot Blockchain (NASDAQ:RIOT), HIVE Blockchain Technologies (NASDAQ:HVBT) and Bit Digital (NASDAQ:BTBT) are all seeing double-digit gains.
What’s Amazon Up to in the Bitcoin Space?
The “Great Disruptor” in so many industry segments, Amazon hasn’t made much noise in cryptocurrencies. Yet its job posting for a Digital Currency and Blockchain Product Lead seems to have caught people’s attention.
Specifically, the company’s Payments Acceptance and Experience team is seeking “an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.” The posting goes on to describe a fairly wide and comprehensive set of skills and experience needed by the ideal candidate, including “domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency.”
Quick on the follow up, City AM earlier today reported that Amazon is looking to accept Bitcoin payments by the end of 2021, citing “an insider.”
“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the source told City AM.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. His Substack newsletter, TLV Strategist, covers the Israel business scene.