Amazon denied the report by City A.M. London on Tuesday claiming that the e-commerce giant has plans of supporting bitcoin payments.

On Monday, an inside source from Amazon gave a surprising account of the company’s plans to embrace bitcoin. The source told London business newspaper City A.M. that Amazon will start accepting bitcoin by the end of this year.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,”

This claim led to a sudden rise in the price of bitcoin. BTC was towering around $40K on Monday.

Amazon has denied the claim. The company’s spokesperson said the speculations were false. Reuters published the following words of the Spokesperson.

“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.”

This statement confirms that Amazon will not be supporting bitcoin payments anytime soon. However, the company has created a posit for digital currency or blockchain product lead.

The Trend of Embracing Virtual Currency:

Since the last quarter of 2020, many companies have come out with their support for bitcoin. The organizations dealing with the finance or payment industry have specifically laid out the plans for virtual currency. From Visa & Mastercard to Tesla and Microstrategy, giant companies are embracing bitcoin in one form or the other.

Also Read: MicroStrategy Buys Bitcoin for 15 Million Dollars

Amazon’s support for bitcoin can take the crypto industry one step closer to the mainstream. The number of crypto investors is increasing rapidly. If more people show the willingness to buy stuff using digital currencies, then Amazon may give in to their demands.