Crypto FOMO Reaches Climax: Jeff Bezos Reportedly Offloads $8.5B In Amazon Stocks For Bitcoin

March 1, 2024
Jeff Bezos Fireside Chat at Re:MARS 2019 | Amazon News Youtube Screenshot/AmazonNews

Jeff Bezos, the visionary founder and former president and CEO of Amazon, has ignited a flurry of excitement in the cryptocurrency realm this week. Speculation abounds as rumors suggest that the influential entrepreneur hasn’t merely dabbled in the burgeoning world of digital assets but has taken a decisive leap with a billion-dollar investment in Bitcoin.

While Amazon has long been rumored to explore various ventures in the cryptocurrency sphere, such as Non-Fungible Tokens (NFTs) and blockchain technology, this marks the first instance where Bezos himself is directly linked to the industry. Reports indicate that he may have even liquidated a portion of his Amazon stocks to seize this opportunity.

This is a rumor. And so far, Bezos has not said anything related to the claim.

The speculation gained traction online when Thomas Fahrer, co-founder of Apollo Sats, hinted at potential motives behind Bezos’ recent stock sell-off. Fahrer’s tweet sparked discussions, suggesting that Bezos, with a net worth nearing $200 billion, could be strategically pivoting towards Bitcoin, especially amid its recent bullish momentum.

Moreover, Fahrer noted Bezos’ association with Michael Saylor, the outspoken advocate for Bitcoin and executive chairman of MicroStrategy, one of the largest corporate holders of BTC, further fueling speculations surrounding Bezos’ potential involvement in the crypto space.

In February, Bezos made headlines with a significant move, divesting around 50 million Amazon shares valued at a staggering $8.5 billion. This move came amidst Amazon’s soaring stock price, which has surged over 70% in the past year alone.

Meanwhile, the cryptocurrency market has been abuzz with Bitcoin’s relentless pursuit of its all-time high. Although it fell short of setting a new record this week, Bitcoin reached impressive heights not seen since November 2021, trading at around $62,368.45 as of early Friday morning ET.

Analyzing Bitcoin’s recent performance, financial services firm IntoTheBlock highlighted a remarkable trend: an overwhelming 97% of Bitcoin addresses are currently enjoying profitability. This surge in profitability mirrors a similar scenario witnessed when Bitcoin’s price approached $69,000 in November 2021, signaling a robust market sentiment.

With such a substantial proportion of addresses in profit, the traditional selling pressure from holders seeking to break even has significantly diminished, according to the firm, explaining that “newcomers entering the market to purchase coins, are essentially buying from existing users who are already realizing a profit.”

Despite parting with a sizable portion of his Amazon holdings, Bezos remains the company’s largest shareholder, boasting a staggering net worth exceeding $190 billion, underscoring Bezos’ ability to navigate evolving market landscapes while maintaining his formidable financial stature.


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