Recently Amazon posted a job ad seeking a digital currency & blockchain expert on its recruitment page consequently increasing Bitcoin’s value by 11 percent that day (July 26)–and steering towards $40,000, a digit it hadn’t reached in almost a month.
Bitcoin jumped 11% to an impressive $38,302, and initial prices were only some hundred dollars shy of the $40,000 target.
The ad, first aired by CoinDesk, raised questions on whether the retail giant and globe’s largest firm is looking to set up cryptocurrency payments on its enormous platform.
Other currencies like Ether also rose, breathing new life into digital currency markets after months of poor performance. The sluggishness was caused by two primary challenges:
- Compliance checks in China
- A probe into the harmful effects of powerful mining computers on the surrounding.
But the gain has not erased the widespread fears that the digital currency market is too unstable to serve as a backing against inflation.
Mark the words of Susannah Streeter of Hargreaves Lansdown, a Bristol-based financial service company: “When a job posting seems to cause a change in Bitcoin’s value, it’s a sign that the crypto world is thirsty for every bit of news about the tomorrow of digital currencies.”
According to her, Amazon Web Services is already a big deal, and it’s not shocking that the tech leader wants a spot at the vanguard of groundbreaking payment solutions. Who knows? Maybe Amazon will go as far as engineering a new digital currency, she added.
However, hopes that Amazon will also accept payments from newer cryptocurrencies have also encouraged the gains. For instance, as Bitcoin went up 11 percent, Ethereum and Dogecoin also jumped 8 percent and 11 percent in that order.
At the moment, crypto coins and tokens will remain volatile, and with traditional banks planning to engineer their own digital currencies, it’s advisable to invest your money wisely.
“Do not speculate with funds you cannot afford to lose,” Streeter warns.Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.