Does Amazon Have a Big Part to Play in the Race to Make Crypto Mainstream?

It was reported in mid-2021 that Amazon was preparing to make some massive moves in the crypto market, but nothing has come to fruition yet. Bitcoin and altcoin enthusiasts will be waiting with bated breath over Jeff Bezos’s plans, however, as the behemoth eCommerce company could potentially have the power to push crypto right into the mainstream.

Elon Musk has already shown how the world’s richest people and companies can affect the crypto markets. Will an official announcement about Amazon backing crypto cause another major spike?

Amazon is Still One of the World’s Biggest Investment Prospects

Amazon may be one of the richest companies in the world with revenues of more than $469.8 billion, but it is still expanding. Indeed, it’s still seen as one of the best investment prospects as it has a market cap of $1.5 trillion. Amazon stocks are currently offering higher gains than crypto, and earnings per share have gone from $14.09 to $27.25 in the last year.

Crypto enthusiasts who spend a lot of time trading the various coins are likely to be interested in getting into investing in Amazon, but don’t know how to buy Amazon stock. This is simple nowadays, as there are apps out there that help people buy and sell in a straightforward manner, as well as trade its stock with zero commission. The talk of Amazon buying into crypto could influence people to invest in both the eCommerce company and Bitcoin.

Company Gearing up for Crypto

News leaked from an insider at Amazon last year that the company was preparing to start getting into the crypto game. It brought in new staff members in several key positions and aimed to attract some of the biggest tech developers in the crypto space. According to Retail Customer Experience.com, the job posting stated that successful applicants would “own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

This news got a lot of people talking, and speculation emerged that Amazon was planning on releasing its own native cryptocurrency. Now, some publications such as Marca believe that 2022 will be the year that the new Amazon token hits the market. If this comes to pass, it could be huge for the crypto market. There will be a flurry of investment in the new coin, but it will also push up the price of Bitcoin, which always rises with new developments.

Huge Firms Have a Massive Impact on the Crypto Market

Bitcoin has taken its time to get into the mainstream because it hasn’t had enough backing from the biggest companies in the world. However, it seems that things are beginning to change. When Tesla bought 43,200 bitcoins in early 2021, it had a seismic impact on the market and led to the greatest bull run in the coin’s history. It may simply take a few other huge companies like Amazon and Apple to go in on cryptocurrency for the market to spike again.

The last few months have been a dark time for crypto enthusiasts compared to the glory days of 2021. However, the market could go bullish again soon if Amazon starts making moves.