Financial institutions across the world have warned their citizens about the risks of indulging in the cryptocurrency market. Other regulatory bodies have gone as far as to ban them as well. This is because from a traditional finance out-look the cryptocurrency market is very, very volatile and newbies in the market are at a high risk of losing a lot of money.
While the volatility is an issue that the acts as a deterrent against the cryptocurrency market there are a lot of upsides to the market and the industry surrounding it. And many people believe that the cryptocurrency market is at the forefront of the next revolution; the blockchain revolution.
The blockchain is the underlying technology of the cryptocurrency market and has repeatedly demonstrated its features and advantages. However, the finance sector is not yet ready to embrace all that the blockchain offers and the cryptocurrency market entails.
But what if the technology sector was to take it up? What if the technology industry was ready? What would happen if one of the biggest players on the tech field decided to venture into the cryptocurrency field?
This is exactly what an opinion piece on Townhall discussed a week ago. The article was written by the editor of The Near Future Report Jeff Brown. Incidentally, Jeff Brown also happens to be the Official Wealth Creation Expert at Townhall Media.
Here is What He Said
Jeff Brown believes that the e-commerce giant Amazon is about to enter the cryptocurrency market with its very own token. He believes the company that started off as an online marketplace for books, is at the forefront of new technology and the next one on its list is the blockchain.
Throughout the article he presents proof that Amazon just may be about to enter. The first bit of proof that he presented was the fact that Amazon had registered a couple of new domains with the URL as the following; www.amazonethereum.com, www.amazoncryptocurrency.com and www.amazoncryptocurrencies.com
These three domain names were registered along with another one called www.amazobitcoin.com back in 2017. While all four of these URL’s do not lead anywhere at the moment, it could be a possible place saver for when Amazon decides to make the plunge.
The second piece of proof that Jeff Brown quoted to further his Amazon releasing a cryptocurrency point, he brought up an old loyalty programme that Amazon ran. Amazon at a point started to sell something called Amazon coins, which essentially were like loyalty points that could be used across their platforms. The only disadvantage of the coins was the fact that they could not be converted back into fiat currencies. The loyalty programme, however, was later scrapped.
Why This Would Be Huge
The cryptocurrency market has so far only been viewed with respect to the financial industry. Since its inception, the only future that has been dictated for the industry and the blockchain technology, was to take over the existing financial structures and institutions and redefine them.
But the SEC and financial institutions all over the world are focussed on just the volatility of Bitcoin and are very hot and cold with the market. Until the SEC and other regulatory bodies across the world unanimously legalise them and integrate them into the current financial structure, the market and the financial industry are at a stalemate.
However, if tech companies and internet giants like Amazon enter the market, it legitimises the cryptocurrency market and the blockchain industry and all it is trying to be. The impact Amazon’s adoption of cryptocurrency will make on the market will be huge and unprecedented.
Amazon is the biggest e-commerce platform on the internet right now and has a customer base of over 300 million. Among the 300 million there is a large number of users that also subscribe to their Prime services. Amazon’s first move after the predicted entry into the cryptocurrency market, according to Jeff Brown, is an airdrop of their token for all Prime customers.
There are also rumours that if and when Amazon enters the cryptocurrency market, the e-commerce giant will also start its own cryptocurrency exchange.
While these are still unconfirmed rumours and online speculations, the prospect of Amazon entering the cryptocurrency market seems well within the company’s character, given that they are very involved in tech developments in the industry. According to Jeff Brown, the blockchain revolution is no longer imminent, it is, rather, already here.
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