The former CEO of Binance, Changpeng ‘CZ’ Zhao, suggests that Amazon will start accepting Bitcoin as a form of payment in the wake of shareholders asking the tech giant to consider adding BTC to its treasury.
In a recent post, CZ responded to the news about Amazon shareholders asking board members to make an assessment to decide whether the tech giant should consider adding Bitcoin (BTC) its strategic reserve.
The elder Binance boss suggested that the company should start accepting Bitcoin as a form of payment for its online market as a door to add assets to its reserves. In this way, the company can have a better perspective on the value of Bitcoin compared to traditional currencies.
“Simple. Do you accept Bitcoin payments?” CZ wrote in his place.
https://twitter.com/cz_binance/status/1865854419331600533
In a separate post, Dash’s Joel Valenzuela asked CZ why Bitcoin should be accepted for Amazon’s payment when “it sucks as a payment method” compared to others. cryptocurrencies in general.
CZ agreed with Valenzuela, stating that he made a purchase with Bitcoin worth $17.08 and had to wait 15 minutes for the payment to be confirmed by the receiver. However, he argued that it was a better payment option than traditional finance options such as credit transfers which tend to take longer if an error occurs.
“Still better than TradFi though. I didn’t have to call anyone to fix it. It just worked after 15 min. Crypto, I agree,” said CZ.
Most of the comments below CZ’s post echoed the same sentiment, expressing optimism that Amazon could one day make the switch to invest in Bitcoin. As before reported from crypto.news on December 8, the global conservative think tank the National Center for Public Policy Research proposed that Amazon should add Bitcoin to the company’s strategic reserve.
Since a portion of Amazon’s total assets are stored in cash, cash equivalents and government bonds, the Washington-based think tank believes that due to the weakening of cash and bond yields , Amazon’s billion dollar shareholder value is not properly protected from being stored. in currency-based assets.
Therefore, the NCPPR argued that Amazon has the duty to add assets to its treasury that are not related to traditional finance, such as Bitcoin. Although the proposal acknowledges the volatile nature of Bitcoin, it suggested that Amazon should still diversify its balance sheet by investing at least 5% of its assets in Bitcoin.
