Crypto loves CZ's idea of Amazon using crypto, should it be?

16 Dec, 2018
by Arthur Sillers
Opinion
Crypto loves CZ's idea of Amazon using crypto, should it be?


CZ speculated on the notion of Amazon accepting cryptocurrency, and it’s gotten the crypto community excited about the possibility.

CZ recently brought up the possibility of Amazon accepting cryptocurrency as a key to a bear run, noting that perhaps that crypto could have to be ‘brought’ to Jeff Bezos, who would in fact be able to ‘buy up’ all the Bitcoin and trigger a bull run.


CZ wistfully claims he is ‘waiting for the day Amazon accepts (or issues) cryptocurrency.’ CZ likely isn’t making a real prediction, or at least not one regarding the near future, but crypto is taking the idea quite seriously. Indeed, Jeff Bezos is spectacularly rich, and Amazon’s sales figures represent the GDP of a small nation with a respectable economy.

Furthermore, Amazon is already exploring private blockchains for its supply-side and shipping logistics problems which it runs into in its well-known online sales monopoly, but this of course doesn’t mean that Amazon is imminently accepting Bitcoin for payments. Amazon is likely hesitant to adopt crypto because of its volatility, and furthermore it has no particular reason to expand its huge infrastructure to accept a relatively niche currency.

On the other hand, the much more likely eventuality is that Amazon would accept XRP, which is notably partnered with similar corporate entities, and furthermore is putting a lot of effort into remaining on the good side of regulators. XRP and Amazon’s strategies in fact mesh well: the antitrust regulation efforts and the anti-security regulation lobbying of the two corporations share the approach of putting a lot of money into staying out of the specific crosshairs of laws which were basically designed to stop exactly what they are attempting to do.

Read more: Amazon to release Quantum Ledger Database and Managed Blockchain products

While Amazon accepting XRP would have an effect on the entire crypto ecosystem, the bottom line is that Amazon is unlikely to promote a currency which it would not have significant control over. XRP is at once a cryptocurrency, as well as a product of Ripple. If Amazon and Ripple were partners, and thus could share in profits of a crypto bull run, perhaps Amazon would find it beneficial to accept crypto. For this reason, crypto enthusiasts who also maintain a skepticism of Ripple shouldn’t be looking at Amazon to rescue their market, and in fact might find Amazon taking control over the investment space, continuing their efforts to consolidate products and payment protocols, and colonizing the increasingly mainstream and regulated crypto space controlled by a decreasing number of individual actors.

Read more: Despite the down market Amazon Web Services releases new blockchain products

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