Last week in review: Amazon expected to accept bitcoin payments

It was a week of wows, with rumours abound that the world’s biggest retailer could integrate Bitcoin payments and a social media giant announcing the cryptocurrency’s pivotal role in its future. Meanwhile, Jackson, Tennessee, is looking to become the industry’s main hub, and could Tesla be about to pull a U-turn on its bitcoin policy? It was all happening last week; here’s our rundown of the biggest stories.

Amazon expected to accept bitcoin payments

• National UK newspaper City AM yesterday reported an insider familiar with the matter as telling them Amazon is looking to accept bitcoin payments “by the end of the year.”

• The anonymous source from Amazon said the tech and retail giant is close to completing the infrastructure that will allow payments to be made in bitcoin, and eight more of the most popular cryptocurrencies after that.

• The source explained that “this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work. It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.”

Tweet this: Jack Dorsey says bitcoin will be a big part of Twitter’s future

• Twitter CEO Jack Dorsey confirmed to investors that bitcoin will be a “big part” of the company’s future, and hopes to integrate the digital currency into existing Twitter products and services which include commerce and subscriptions.

• Dorsey believes that a dedicated internet currency like bitcoin will make social media platforms accessible to more people, especially in an age where there is more thought on decentralising social media.

• “There’s an obvious need for this, and appreciation for it. And I think that an open standard that’s native to the internet is the right way to go, which is why my focus and our focus eventually will be on bitcoin,” he noted.

Tesla likely to start accepting bitcoin again

• Tesla CEO Elon Musk has said bitcoin is looking more environmentally friendly and Tesla could soon accept bitcoin once again.

• Earlier in May, Tesla CEO Elon Musk said his electric vehicle company would no longer be accepting payments made in bitcoin, due to climate concerns.

• “It looks like bitcoin is shifting a lot more toward renewables,” said Musk at The B-Word conference, an event hosted by the Crypto Council for Innovation. “I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin,” he said.

• “I might pump, but I don’t dump,” Musk added. “I definitely do not believe in getting the price high and selling … I would like to see bitcoin succeed.”

Rothschild bullish on Bitcoin

• Rothschild Investments Corp has revealed it’s grown its exposure to Bitcoin by roughly 300%.

• The Securities and Exchange Commission (SEC) report indicates that Rothschild’s Grayscale Bitcoin Trust holdings soared from 38,356 shares to 141,405. In BTC terms, that’s 132.8 BTC, ($3.94 million).

• Grayscale CEO Michael Sonnenshein says institutional investors like Rothschild are looking toward a medium to long-term future and aren’t focusing on short-term price fluctuations.

Jackson, Tennessee Mayor aims to create BTC hub

• Jackson, Tennessee’s mayor Scott Conger, has touted Bitcoin’s benefits as a hedge against inflation and says he aims to transform the city into a BTC hub.

• Cronger believes bitcoin is the only answer to rising inflation, stating: “Why do we accept inflation? Why don’t we demand more from our federal government 6.3% in 2 years? 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound. There is only 1 fix for this… Bitcoin.”

• He has also initiated a task force dedicated to studying blockchain benefits and how BTC payments can help boost Jackson.

Matercard shows commitment to crypto

• In an effort to make buying goods with crypto easier, Mastercard will use the USDC stablecoin as a bridge asset for cardholders.

• The payments giant recently revealed it’s working on a pilot with a fintech firm Circle, to enable banks and crypto companies to offer a card option that will allow people to spend their digital currencies anywhere where Mastercard is accepted.

• Although their roles are still unclear, it is also reported that Evolve Bank & Trust and Paxos Trust are also playing a role in the pilot.