Former Binance CEO, Changpeng ‘CZ’ Zhao, suggests Amazon start accepting Bitcoin as a form of payment in the wake of shareholders requesting the tech giant to consider adding BTC to its treasury.
In a recent post, CZ responded to the news about Amazon shareholders requesting board members to conduct an assessment to decide on whether the tech giant should consider adding Bitcoin (BTC) its strategic reserve.
The former Binance head suggested that the company should start accepting Bitcoin as a form of payment for their online marketplace as a gateway to adding the asset to their reserves. That way, the company can have a better perspective on the value of Bitcoin compared to traditional currencies.
“Simple. Accept Bitcoin payments?” CZ wrote in his post.
https://twitter.com/cz_binance/status/1865854419331600533
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In a separate post, Dash’s Joel Valenzuela questioned CZ about why Bitcoin should be accepted for Amazon payment when “it sucks as a payment method” compared to other cryptocurrencies in general.
CZ agreed with Valenzuela, stating that he made a purchase using Bitcoin worth $17.08 and had to wait 15 minutes for the payment to be confirmed by the receiver. However, he stood by the reasoning that it was a better payment option than traditional finance options like 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 underneath CZ’s post echo the same sentiment, expressing optimism that Amazon may one day make the shift to investing in Bitcoin. As previously reported by crypto.news on Dec. 8, global conservative think tank the National Center for Public Policy Research proposed that Amazon should add Bitcoin to the firm’s strategic reserve.
Since a chunk 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 being adequately protected by being stored in currency-based assets.
Therefore, the NCPPR argued that Amazon has a duty to add assets to its treasury that are not tied to traditional finances, such as Bitcoin. Although the proposal does acknowledge 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.
Read more: Global think tank proposed Bitcoin reserve to Amazon
