Ecommerce giant Amazon.com Inc.(AMZN) could be gearing up to accept Bitcoin on its website if a rumor circulating the Internet proves true.
According to conservative platform Squawker, investor James Altucher said the company is “working with financial institutions and [crypto experts] to spur innovation and facilitate frictionless experimentation" in his newsletter. He added they could make the announcement by October 26 and that the move is in response to rival eBay’s (EBAY) interest in accepting Bitcoin for purchases. (See : When Will Amazon Accept Bitcoin?)
Altucher has authored several books, hosts a podcast and contributes to major news outlets. He is a former hedge fund manager and venture capitalist.
Squawker also noted that Amazon Web Services, the cloud computing arm of Amazon, inked a partnership with Digital Currency Group, a large investor in bitcoin and blockchain companies, last year. Amazon Web Services in essence plays middleman between the Digital Currency Group companies and clients that are engaging in digital currency transactions, noted Squawker.
Talk of Amazon’s interest in Bitcoin comes at a precarious time for the cryptocurrency. After surging to record highs this year, its price saw declines recently. (See also: Bitcoin Slips to $3,500, Are Investors Just "Trading the News"?)