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Bitcoin reached its all-time high because of Amazon rumors

China is soon reversing its exchange ban on Bitcoin

amazon acceptin bitcoin rumor

America’s largest e-commerce company Amazon would be accepting Bitcoin if a rumor circulating the internet proves true.

Rumors about Amazon accepting Bitcoin on its website are not something new, however, the latest one has caused a dramatic increase in the value of it.

On Thursday, Bitcoin’s value reached up to $5,856 ( the all-time high), and industry analysts held Amazon responsible for it.

More than 11 thousand people have signed the petition to support this campaign to accept bitcoin and litecoin as source of payment in amazon. 

Bitcoin value had been surging higher and higher with passing time, last month it increased from $3,874 to $4,370 a week ago and now it has astonishingly reached $5,689(at the time of this writing).

Cryptocurrency experts are striving to analyze this surge. And along with the Amazon-related rumors, some of the experts point to the other circulating rumor that “China is soon reversing its exchange ban on Bitcoin”.

James Altucher, a cryptocurrency expert claimed in his newsletter that Amazon will announce its Bitcoin-accepting news on October 26.

“I am certain that Amazon will accept Bitcoin. They have no choice. And this will create massive generational wealth unlike we’ve seen before”, he added in his newsletter.

Mr. Altucher did not provide any evidence to prove his claim and therefore his assertions are under scrutiny by many cryptocurrency websites.The e-commerce giant neither approved nor denied the rumor.

As Amazon’s storefront operates at the edge of online commerce frontier, it will certainly have some blockchain technology soon and Bitcoin acceptance could work. Other e-commerce companies like Overstock.com has been taking cryptocurrency for years so the idea of Amazon taking it, is not so hard to swallow.

“They have to follow suit. I’d be stunned if they don’t, because they can’t just cede that part of the market to us, if we’re the only main, large retail site accepting Bitcoin.”, said the CEO of Overstock, Patrick Byrne

If just a rumor can cause such an elevation in its value within weeks, it isn’t hard to imagine what would happen if the rumor turns out to be true.

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