PURCHASE OF THREE CRYPTOCURRENCY DOMAIN NAMES – A CATALYST TO SPECULATION

PURCHASE OF THREE CRYPTOCURRENCY DOMAIN NAMES - A CATALYST TO SPECULATION

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Three domains related to cryptocurrency namely amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com were registered by Amazon on October 31st. This occurrence gave rise to immense conjecture that in near future Amazon will start accepting cryptocurrency. The incidence that gave a boost to this speculation was the fact that Amazon already owned a domain named “amazonbitcoin.com”.

Since a few weeks there has been a rumor circulating in the market that Amazon is going to accept cryptocurrency or digital currency and sometime back there was a news supported by the sources of Silicon Valley, that there is going to be an integration of Bitcoin as a payment option. Any such step by Amazon which is considered as one of the most inventive and instrumental tech company of the world, would definitely have far reaching effects and would majorly impact the economy as a whole.

 

Accepting Cryptocurrency: Not in near future

Grapevines are never ending and so are the rumors. Amazon Pay’s VP Patrick Gauthier in an interview has clarified that due to the feeble demand, Amazon has no such plans and in near future they are not going to accept cryptocurrency. This decision or strategy of Amazon is quite convincing and wise as most of the transactions done on the website are settled through plastic money like debit cards, credit cards etc. The occurrence that gave rise to this speculation in the market was the purchase of domain names related to cryptocurrency. But there is always a possibility that this purchase or deal was made just for defensive purposes without have any intention of accepting the digital currency.

 

Influential role of Amazon’s adaptation strategy

As of now there is no eventuality of any such happening that Amazon is going to accept the cryptocurrency but the speed with which Amazon adapts itself with the ever changing external environment, it is rational to envisage that in the long run Amazon will definitely start accepting the cryptocurrency. Nevertheless, as of now, it is just an assumption….

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