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Twitter, Amazon Boost Bitcoin’s Price Near $40,000

Twitter, Amazon Boost Bitcoin’s Price Near $40,000

Created by TradeOr

3rd Party Analysis 26 Jul 2021

Key Takeaways

  • Bitcoin climbs for six days straight as a flurry of positive developments improves market mood
  • Twitter’s second-quarter earnings and Amazon’s job posting spark hopes for mass adoption

Amazon Boost Bitcoin’s Price Near $40,000

Bitcoin’s price has been gathering pace over the last several days as the digital token received both direct support from Twitter CEO Jack Dorsey and cryptic support from Amazon. While Twitter CEO explicitly said Bitcoin could be the “best candidate” to become the “native currency” of the internet, a job posting by Amazon sparked speculation the company is looking into Bitcoin and the cryptocurrency market.

Betting on improved prospects for brighter mainstream adoption, the price of bitcoin accelerated to levels near $39,700 per coin on Monday, a 16% rise on the day. For the past six consecutive day of gains, the flagship cryptocurrency has appreciated by more than 30%.

A Flurry of Positive Developments

Starting Wednesday, July 21, the orange coin embarked on an uphill journey, propelled by Elon Musk’s comments that he believed in the crypto asset and wanted to see it succeed. In an online event called “The B Word”, Mr. Musk even said Tesla wants to accept bitcoin as payment again, provided at least half of the energy used to mine the cryptocurrency came from renewable sources.

Twitter revelations followed on Thursday when Jack Dorsey said during the company’s second-quarter earnings call bitcoin would play a “big part” in Twitter’s future. “If the internet has a native currency, a global currency, we are able to able to move so much faster,” Mr. Dorsey, an outspoken bitcoin supporter, said during the call with investors. “I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the [bitcoin] space and invest aggressively in it,” he added.

Meanwhile, Amazon placed a job posting, saying it was seeking a digital currency and blockchain expert. The company’s job posting triggered a wave of speculation among crypto circles that the ecommerce and cloud-computing giant was looking to dive into cryptocurrencies with bitcoin in the lead.

“You will leverage your domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities,” the job offer said.

An Amazon spokesperson said that the company was “inspired by the innovation happening in the cryptocurrency space” and explored “what this could look like on Amazon.”

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