Industry veteran Michael Lee was a guest in Maria Bartiromo’s “Mornings with Maria” on the FOX Business channel. He adamantly said that nor Amazon or their job posting was responsible for Bitcoin’s recent rally. According to Lee, the movements are “just a side effect of endless money printing going on.” Even though what he says rings true, the Amazon rumors seem to be shaking the Bitcoin community to the core.
Related Reading | Bitcoin Price Nears $40K As Amazon News Breaks, Why This Could Just Be The Beginning Of The Rally
His theory is simple, Bitcoin was the first mover because of that it will reap the most benefits. The other part of the equation is that “the original thesis is that as central banks continue to print money, it’s certainly never going to stop. At some point, every single currency ever created has failed. So, Bitcoin, the investment thesis goes, it’s your alternative to that.”
What Is Jeff Bezos’ planning, exactly?
Lee’s “original thesis” holds, but it fails to explain what happened this weekend. The rumor that Amazon is looking into accepting Bitcoin as payment was the main topic of discussion and, if true, it’s certainly bullish news. When the job posting went up, Bitcoinist expediently reported:
This is the second job post published by Amazon related to Bitcoin and cryptocurrencies in 2021. The company seems to want to expand its crypto capabilities. According to TheBlock, a spokesperson for Amazon said the following:
We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.
Related Reading | Richly Valued Bitcoin Extends Decline After Positive Jobs Data
So, there seems to be more to this rumor than meets the eye. However, there’s no official information yet and this could all be just words floating in the wind. The rumor keeps growing, though. An Amazon “insider” spoke to news website City A.M, and Bitcoinist was the first to report it:
The insider told the news website that Amazon has a plan that goes beyond their Digital Currency and Blockchain Product Lead job. The source said:
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.
The insider added that the project has the approval from the “very top”, Amazon’s executive chairman and founder Jeff Bezos himself.
It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top…
At his point, however, everything’s just a rumor. And Michael Lee thinks Bitcoin’s recent upward momentum has nothing to do with Amazon.
BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com
If Amazon didn’t move the dial, what did?
How did Industry veteran Michael Lee explain the phenomenon to Maria Bartiromo? Well, he doubled down on his original thesis:
I think it’s hard to explain some of these moves, but it’s very much a momentum asset class. So as soon as you get a little bit of momentum to the upside, the follow-on trades just keep coming and coming and coming. And then all of a sudden you go from 29,000 to almost 40,000 in the span of a little over a week.
That explains the recent movements, but, what did ultimately cause them? Lee explains:
So, look, someone who’s who owns Bitcoin, you know, I’m happy to see it based on this dubious action for the Fed. I mean, look, I think it’s a long time before we see any sort of taper or any sort of restrictive policy from the Fed. And it’s not only like that with the Fed, it’s like that with central banks worldwide.
The worldwide rampant money printing is to blame. There’s nothing to argue about there. In general, that’s the cause. However, can we be sure that Amazon’s rumor didn’t affect Bitcoin’s price in this particular instance?
In any case, Michael Lee finished his presentation with a sharp prediction that few of the people reading this website will argue with:
So, that’s why I think Bitcoin is likely to make all-time new highs. Maybe not in the next few months, but the best days of Bitcoin are definitely ahead of it, not behind it.
Here here.
Featured Image by Hello I'm Nik on Unsplash - Charts by TradingView