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Why is BTC went up? Amazon and Twitter hinted at backing

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BTC has seen a rise in price in recent days, partly thought to be due to Amazon showing an interest in the popular cryptocurrency.


Why have the prices been rising?

The rise in BTC prices is thought to be linked in part to rumours around Amazon seemingly taking an interest in cryptocurrenices.

The speculation is fuelled by news that Amazon is advertising a new job role for a “digital currency and Blockchain product lead”.

The job advert posted by Amazon said: “The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.

“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.”

One of the requirements for the job is a “deep understanding of the digital/cryptocurrency ecosystem and related technologies”.

There has been speculation that this could mean Amazon is considering taking steps towards accepting cryptocurrencies, though this has not yet been confirmed by Amazon itself.

An anonymous “insider” told City AM: “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,” she said, adding that “it begins with BTC”.

BTC’s recent rise is also thought to be to do with tech giants such as Twitter CEO Jack Dorsey showing support for the cryptocurrency.

Mr Dorsey said earlier this year at the BTC 2021 Conference, “BTC changes absolutely everything. I don’t think there is anything more important in my lifetime to work on,” according to reports by CNBC.

More recently he has said that BTC is expected to be a “big part” of Twitter’s future, according to Tech Crunch reports.

A recent panel discussion about BTC between Elon Musk, Jack Dorsey, and Ark Invest CEO Cathie Wood at an event known as The B Word event may also have influenced the prices of the cryptocurrency.

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