Shares in Amazon (AMZN) stock have been trading higher in the past week after founder Jeff Bezos confirmed a new crypto deal with his Blue Origin company. Bezos’ rocket and space exploration firm Blue Origin is now accepting cryptocurrencies like Bitcoin, Ethereum, and Solana to purchase flights to space. The payments are made possible via the firm’s collaboration with payments company Shift4, whose payment infrastructure is enabling the crypto purchases, which can also be made with popular stablecoins like USDT and USDC.
With Bezos’s ties to both Blue Origin and Amazon, investors have previously noted that the former’s updates often affect the latter. AMZN stock is up a fraction of a percent on Tuesday. The company is experiencing strong growth in e-commerce, with July spending up 7% year over year, bolstered by Prime Day. Additionally, Amazon’s strategic investment in IonQ strengthens its position in quantum computing, signaling confidence in future technologies.
Stock forecasts for AMZN remain high, and experts from different firms are bullish on the quarters ahead for Amazon. Further, if the e-commerce giant were to incorporate a crypto strategy for purchasing assets similar to its sister company under Bezos, it could mean a new line of customers for Amazon. Several big tech companies and institutions have began dabbling in the digital asset industry, as well as artificial intelligence. Should Amazon dive into both successfully, it could mean huge gains and interest in AMZN stock moving forward.
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CNBC analyst Jim Cramer recently settled on Amazon (AMZN) stock, suggesting that the stock is settling after its mixed earnings report last month.. The company’s revenue was up 13% from the year before and also beat Wall Street’s $162.19 billion estimate. However, Amazon centered the Amazon Q3 profit warning on operating income guidance of $15.5-$20.5 billion for Q3, and this fell short of the $19.5 billion consensus. Thus, concerns over AWS’s growth emerged, especially in Cramer’s eyes. Since his comments though, AMZN is trading in the green.