Amazon released crypto work, spiking Bitcoin prices

Amazon listed a job posting for a digital currency and blockchain product manager, sending cryptocurrencies skyrocketing on Monday.

Bitcoin hit a high of nearly $ 39,043 in six weeks, while ethereum hit $ 2,363. Dogecoin was last trading at around 22 cents per coin, giving it a market cap of $ 28.8 billion. As of Monday afternoon, bitcoin and dogecoin had climbed more than 14% in the past 24 hours, according to Coinbase. And Ethereum has increased by almost 12% during this period.

Typically, when rumor has it that Amazon is entering a new market, the stocks of future rivals plummet. But Amazon’s job listing had the opposite effect on Monday, generating a buzz about the tech company’s future involvement in cryptocurrencies and its potential to further legitimize the nascent digital currency industry.

In Amazon’s listing, which was released Friday, the company says it is looking for someone with a “deep understanding” of “the cryptocurrency ecosystem and related technologies.”

The position would be part of Amazon’s payment acceptance and experience team, per the job description, which may imply that the e-commerce giant could accept cryptocurrencies as a form of payment in the near future.

“We are inspired by the innovation that is happening in the cryptocurrency space and explore what that might look like on Amazon,” a company spokesperson told CNN Business. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

Cryptocurrencies are having a roller coaster year, and they rallied on Monday, just days after Amazon posted the job posting.

The conversation around cryptocurrencies has become more prominent in American businesses this year. Although the tweets of Tesla founder and CEO Elon Musk sparked a boost in the crypto space, the company’s initial $ 1.5 billion investment in bitcoin helped legitimize crypto. currencies as an investment. Musk recently said he had invested in bitcoin and wanted to “see it succeed.” And on earnings conference calls this year, Wall Street analysts dotted with leading company executives about a possible entry into the bitcoin space.

Amazon stock was up just over 1% on Monday.

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