On October 31, 2017, the Amazon legal department registered three new domain names:
While many believe this represents nothing more than an attempt by the internet retailer to protect its brand by preventing unaffiliated parties from launching fake websites, personally I see this as a move towards gearing up to launch a digital currency exchange – maybe even their own currency.
Cryptocurrencies has a total market cap that went from $17.7 billion in January to over $186 billion as of today, Nov. 1.
This isn’t just some fad, blockchain technology has begun to disrupt and revolutionize multiple industries, including banking and payments, healthcare, cyber security, insurance, transport, forecasting, networking and IOT (Internet of Things), and cloud storage.
Every major tech company has been making moves to get in on the action.
Do you really think Amazon is just going to sit on the sidelines and ignore one of the most revolutionary technologies of our time?
Amazon is a Tech Company That Just Happens To Do Retail
Amazon is the world’s largest retailer by market capitalization. They have become a titan of e-commerce, logistics, payments, hardware, data storage, and media, just to name a few:
- They have been absorbing the global food supply (recently acquired Whole Foods)
- Amazon Robotics on the forefront of automation with over 100,000 robots currently in action.
- Launched an A.I. platform in 2016 that many of us have come to know as Alexa.
“We do a lot of AI in our company. We have thousands of people dedicated to AI in our business.” – Amazon Web Services CEO Andy Jassy
- Has a global work force that is three times larger than Microsoft’s and 18 times larger than Facebook.
Rumors of Amazon Accepting Bitcoin Have Been Gaining Strength For a Reason.
These rumors initially began to circulate back in 2013 when they registered the domain name: amazonbitcoin.com.
Then in 2016, Amazon web services partnered up with Digital Currency Group (DCG), one of the biggest investors in Bitcoin related blockchain startups who have secured funding from a number of financial institutions.
This announcement came on the heels of Microsoft’s announcement that they have partnered with R3CEV, a consortium of 44 banks working to develop their own distributed ledger technology (blockchain platform).
Two tech corporations partnering with central banking funded blockchain platforms in their continued evolution into becoming everything corporations.
Within DCG is Genesis: a full-service, institutional trading firm focused on digital currencies, providing two-sided liquidity on a daily basis for institutional buyers and sellers.
A blockchain platform that can exchange digital currencies, including bitcoin, ethereum, ethereum classic, litecoin, ripple and bitcoin cash.
Overstock.com, Inc., an Amazon competitor, announced in August that its platform would accept virtual currencies, including ether, Bitcoin, Bitcoin Cash, Litecoin, Dash, and Monero.
Patrick Byrne, Overstock CEO, said:
“They (Amazon) have to follow suit. I’d be stunned if they don’t, because they can’t just cede that part of the market to us, if we’re the only main, large retail site accepting Bitcoin.”
So Why Have So Many Media Outlets Screamed Fake News
I learned a lot when I published the article: BREAKING: Amazon Will Accept Bitcoin By October
Every time the article was linked, I could see the pingback, meaning which website, their location, their IP address …
Most of the cryptocurrency websites we all derive our news from are part of these centralized organizations and originate out of Switzerland. Coindesk for example falls under the umbrella of DCG.
They all regurgitated the same message, word for word.
Their argument against Amazon eventually adopting Bitcoin was market volatility.
Amazon has never cared about profits:
Amazon went public in May 1997, bled money for the next six years, and barely eked out a profit for the decade after. To Bezos, those losses and other quarterly numbers mattered less than keeping prices low and customer service exceptional, so that the flywheel could keep on turning.
The flywheel is the best encapsulation of Amazon’s dual ambitions: to be customer-obsessed, and to conquer the modern commercial world.
So the October 26th earnings call came and went without a peep about their motives behind Bitcoin adoption.
It really does not matter. Cryptocurrencies have proven that they are here to stay and will continue to disrupt the monetary supply.
Amazon accepting Bitcoin is inevitable. Developing their own digital currency exchange and possibly their own cryptocurrency only makes sense, especially if they want to remain as the world’s dominant e-commerce giant and truly “conquer the modern commercial world”.