Earlier today, I was awoken by my friend’s text. He indicated that e-commerce powerhouse Amazon (AMZN) will release its own cryptocurrency. Of course, my friend was incredibly excited. This company can singlehandedly overturn the blockchain paradigm. The only problem? The Amazon crypto announcement is fake news.
Indeed, the Amazon crypto is the epitome of fake news because it seemingly appears real. In November of last year – last year, folks! – AMZN bought three crypto-related domain names. Of course, at the time, many folks buzzed about the implications. I’m sure it helped fuel the crypto bubble that saw digital tokens reach astounding levels.
Since then, the fever towards Amazon crypto died down, although blockchain proponents occasionally write op-eds regarding the subject. But without hard evidence and AMZN staying mum, these reports are simply conjecture.
What makes Amazon crypto so pernicious is that it’s believable; hence, the power of fake news. You’d take with a huge grain of salt any National Enquirer piece about outrageous celebrity scandals. But with AMZN, anything related to the blockchain appears at least plausible due to the company’s tech cred.
Still, the Amazon Crypto Stories Must Die!
Regardless of intention, I’m tired of hearing about Amazon crypto. If it happens, it would generate news worldwide. Think about it: every financial and business news media will talk about this non-stop. AMZN shares are at wild valuations so they’ll talk about the company on non-news days. But with a crypto project? It’d be a mad house!
The news cycle today was very much mundane. This immediately tells again that Amazon crypto is fake news. But I have a broader question to ask: why would Amazon bother with a crypto coin, or crypto exchange anyways?
Amazon is in the retail business. If anything, fake news should center on whether or not Amazon will accept any of the major tokens as payment. Moving into the crypto exchanges creates several challenges, least of which is regulatory monitoring.
Let’s face it: Amazon’s acquisitive nature provokes regulatory eyeballs. If they move into a controversial segment like cryptocurrencies, they’re unofficially impeding their own progress. Because while AMZN is a retailer, it also has ambitions for disrupting many other industries. A crypto project at this point is more troublesome than it’s worth.
So please, let’s stop with the Amazon crypto madness. Until we hear otherwise, it’s fake news.