Amazon’s Latest Cryptocurrency Announcement Will Hurt Bitcoin

• Jeff Bezos’s Amazon has denied a report claiming that the company is planning to accept cryptocurrency as payment

• London’s City A.M. newspaper claimed that the E-commerce company was looking to high a digital currency expert as part of a plan to accept cryptocurrencies

• A spokesperson for the company has refuted these claims adding that the focus is to explore customer experience while shopping

E-commerce company Amazon Inc. has denied claims that it plans to integrate cryptocurrency into its payment system.

Many crypto experts were hugely excited over the weekend when news from London’s City A.M. newspaper emerged, claiming that Jeff Bezos’s company was planning to accept cryptocurrency.

According to the report, Amazon posted a job opening for a digital currency and blockchain product lead.

The huge news sent the value of Bitcoin as high as $40,000 before the flagship cryptocurrency came sliding down on Monday evening.

A spoke person for the company has refuted the claims, claiming that cryptocurrency is not part of the company’s plans.

The person claimed that the goal of the company is to explore the shopping experience of customers and improve it.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,”

“We remain focused on exploring what this could look like for customers shopping on Amazon.”

The support for Bitcoin among bug tech companies has risen in recent times.

Twitter CEO Jack Dorsey announced that the company was looking to integrate the digital currency into its products.

Amazon boss Elon Musk has also revealed that Tesla still holds Bitcoin and may begin accepting the cryptocurrency for payment again.