Amazon denies reports that it may accept bitcoin as payment by end of 2021

Amazon.com Inc on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.

The report from London’s City A.M. newspaper, citing an unnamed “insider,” sent the world’s biggest cryptocurrency up as much as 14.5 per cent before it trimmed gains to last trade six per cent higher at $37,684.04.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said a spokesperson from Amazon.

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

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The company on July 22 posted a job opening for a digital currency and blockchain product lead.

2:27 El Salvador 1st country to make Bitcoin legal tender

A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.

Last week, Tesla Inc Chief Executive Officer Elon Musk said the electric-car maker will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Devika Syamnath)