Former Binance CEO Changpeng “CZ” Zhao has suggested Amazon should start accepting Bitcoin as a payment option. His comments come after reports that the shareholders of the tech company urged its board to consider incorporating Bitcoin into its strategic reserves.
Zhao responded to an X post highlighting shareholder requests for major tech companies to integrate Bitcoin into their treasuries. However, the suggestion sparked debate.
Simple. Accept bitcoin payments? 🤷♂️ https://t.co/ud5PVNYHrj
— CZ 🔶 BNB (@cz_binance) December 8, 2024
Joel Valenzuela, an executive at crypto payment service provider Dash, challenged Zhao, asking why Bitcoin should be Amazon’s choice for payments when other cryptocurrencies are faster and more efficient.
Zhao acknowledged Valenzuela’s concerns, recounting his own experience of making a $17.08 Bitcoin payment, which took 15 minutes to confirm. Despite this, he defended Bitcoin as a better payment option compared to traditional financial systems like credit transfers, which can take even longer and involve errors.
The discussion drew significant attention, with many users on X expressing hope for Amazon’s potential adoption of Bitcoin. One user, @realbluedavid, stated, “If Amazon starts accepting crypto, it could transform both the crypto market and Amazon, unlocking the future of crypto.”
Another, @AhmetCrypto42, predicted Bitcoin could become the world’s official currency in the next decade, urging Amazon to adopt it early.
Notably, the proposal was submitted by the National Center for Public Policy Research (NCPPR). The Washington-based conservative think tank argued that Amazon’s reliance on cash, cash equivalents, and government bonds fails to adequately protect shareholder value.
Acknowledging Bitcoin’s volatility, the NCPPR suggested the company allocate at least 5% of its assets to the cryptocurrency. They claim this move could mitigate risks tied to weakening cash and bond yields, positioning the company as a leader in financial innovation while securing its balance sheet against traditional market fluctuations.
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