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November 29, 2022
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Investment Veteran Says Amazon’s Plans Did Not Cause Bitcoin’s Recent Rebound

He said vehemently that neither Amazon nor its job offer was responsible for the recent rise of Bitcoin. According to Lee, the moves are “just a side effect of the endless printing of money going on. Even though what he says seems true, Amazon rumors seem to be shaking the Bitcoin community to its core.

His theory is simple, Bitcoin was the first to move, so it will reap the greatest benefits. The other part of the equation is that “the original thesis is that as central banks continue to print money, it will certainly never stop. At some point, every coin ever created went bankrupt. So, Bitcoin, says the investment thesis, is your alternative to that.”

What exactly is Jeff Bezos planning?

Lee’s “original thesis” holds, but fails to explain what happened this weekend. The rumor that Amazon is trying to accept Bitcoin as payment was the main topic of discussion and, if true, it is certainly optimistic news. when the job offer increased, Bitcoinist promptly reported:

This is the second work post published by Amazon related to Bitcoin and cryptocurrencies in 2021. The company seems to want to expand its cryptocurrency capabilities. According to TheBlock, an Amazon spokesperson said the next:

We’re inspired by the innovation that’s happening in the cryptocurrency space, and we’re exploring what it could look like at Amazon. We believe the future will be built on new technologies that enable modern, fast and cheap payments, and we look forward to bringing that future to Amazon customers as quickly as possible.

So there seems to be more to this rumor than meets the eye. However, there is still no official information and it may just be words floating in the wind. The rumor keeps growing, however. One “insider” from Amazon spoke to City AM news site, and Bitcoinist was the first to report it:

The source told the news site that Amazon has a plan that goes beyond its Digital Currency and Blockchain Product Lead work. The source said:
This isn’t just following the steps to set up cryptocurrency payment solutions at some point in the future – this is an integral, well-discussed and complete part of the future mechanism of how Amazon will work.
The source added that the project has the approval of the “high echelon”, Amazon CEO and founder Jeff Bezos himself.
It starts with Bitcoin – this is the first major stage of this encryption project, and the directive comes from the top…

At this point, however, it’s all 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 at TradingView.com

If Amazon didn’t move the button, what did it do?

How did industry veteran Michael Lee explain the phenomenon to Maria Bartiromo? Well, he bent over his original thesis:

I think it’s hard to explain some of these moves, but it’s a momentum asset class. So once you get some momentum up, subsequent trades keep coming, coming, and coming. And then, all of a sudden, you go from 29,000 to almost 40,000 in a period of just over a week.

This explains the recent moves, but what ultimately caused them? Lee explains:

So, look, someone who owns Bitcoin, you know, I’m glad to see that based on this dubious action for the Fed. of the Fed. And it’s not just like that with the Fed, it’s like that with central banks around the world.

The rampant printing of money around the world is to blame. There is nothing to argue about this. This is usually the cause. However, can we be sure that the Amazon rumor hasn’t affected the Bitcoin price in this particular case?

In any case, Michael Lee ended his presentation with an accurate prediction that few of those who read this site will argue:

So that’s why I think Bitcoin will probably make new highs. Maybe not in the next few months, but Bitcoin’s best days are definitely ahead of him, not behind him.

Source: Bitcoinist

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