CZ encourages Amazon to accept Bitcoin payments

Former Binance CEO Changpeng ‘CZ’ Zhao suggested that Amazon start accepting Bitcoin as a form of payment after shareholders asked the tech giant to consider adding BTC to its treasury.

In a recent post, CZ responded to the news that Amazon shareholders had requested board members conduct an evaluation to decide whether the tech giant should consider adding Bitcoin (BTC) to its strategic reserve.

The former Binance president suggested that the company should start accepting Bitcoin as a form of payment for its online markets as a way to add the asset to its reserves. 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 post.

Simple. Accept bitcoin payments? 🤷‍♂️ https://t.co/ud5PVNYHrj

— CZ 🔶 BNB (@cz_binance) December 8, 2024

In a separate post, Dash’s Joel Valenzuela questioned CZ on why Bitcoin, which “sucks as a payment method” compared to other cryptocurrencies in general, should be accepted for Amazon payment.

CZ agreed with Valenzuela, stating that he made a purchase using $17.08 worth of Bitcoin and had to wait 15 minutes for the payment to be confirmed by the buyer. But he insisted it was a better payment option than traditional finance options such as credit transfers, which take longer if an error occurs.

“Still better than TradFi. I didn’t have to call anyone to fix this. After 15 minutes it worked. Crypto, I agree,” CZ said.

Many of the comments below CZ’s post echo the same sentiment, expressing optimism that Amazon might one day turn to investing in Bitcoin. As previously reported by Crypto.news on December 8, the global conservative think tank National Center for Public Policy Research has recommended that Amazon add Bitcoin to the firm’s strategic reserve.

Because a portion of Amazon’s total assets are stored in cash, cash equivalents and government bonds, the Washington-based think tank believes Amazon’s billions of dollars of shareholder value are not adequately protected by storage due to weakening cash and bond yields. in currency-based assets.

Therefore, NCPPR argued that Amazon has a duty to add assets that are not tied to traditional finance, such as Bitcoin, to its treasury. While the proposal acknowledged the volatile nature of Bitcoin, it also suggested that Amazon should diversify its balance sheet by investing at least 5% of its assets in Bitcoin.