The cryptocurrency space has seen some wild rumors concerning adoption by top corporations in 2021.
Apple, Amazon, and Walmart are some of the companies that have been said to have embraced cryptocurrencies but it all turned out to be a hoax.
These rumors have all had pretty disastrous consequences for the markets as prices have fallen drastically after refutations of the allegations.
Cryptocurrency circles were filled with reports that Walmart has entered into a partnership with Litecoin to begin accepting the crypto as payments. However, the news turned out to be false and left the markets in chaos as prices swung wildly. In light of this, we explore some of the biggest cryptocurrency adoption hoaxes that have plagued the ecosystem in 2021.
Walmart And Litecoin
In the early hours of Monday, major news outlets reported that retail giant Walmart had struck a partnership with Litecoin in a deal that will see Walmart accept Litecoin as a means of payment. In response to the news, Litecoin experienced a flurry of activity that sent its value soaring by around 20% in a matter of minutes.
Litecoin climbed from $178 to reach a high of $233.06 in a short period. However, things came crashing down after Walmart refuted the story saying that “it had no relationship with Litecoin.” Globenewswire in a notice warned that individuals should disregard the news release that Walmart had agreed to a partnership with Litecoin. As the refutations went mainstream, Litecoin shed the gains that it had acquired.
Amazon’s Phantom Quest For Crypto Adoption
After months of being in the doldrums, Bitcoin received a massive jolt in July after it was announced that Amazon had unveiled plans to begin accepting Bitcoin. The report went on to state that the e-commerce giants will accept Bitcoin by the end of the year and incorporate other cryptocurrencies like Ethereum and Cardano. It was also revealed that Amazon had plans to develop its cryptocurrency and was looking for an experienced person to develop its blockchain strategy and product roadmap.
However, this report turned out to be false to the dismay of cryptocurrency enthusiasts. A spokesperson with Amazon attempted to clear the air saying that the speculation around the company’s cryptocurrency plan was not true. This sent the entire cryptocurrency markets downhill as Bitcoin’s slump dragged everyone below water.
Apple’s $2.5 Billion Purchase
For the longest time, Apple has been affiliated with cryptocurrencies but it has largely been in whispers. However, things reached a crescendo in July after Twitter was awash with news that Apple had purchased $2.5 billion worth of BTC. This was a bold assertion and top figures in crypto like David Gokhshtein fueled the rumor on Twitter.
Apple did not confirm or deny the rumors but the only inclination of any affiliation with cryptocurrencies was the job advert for a business development manager with cryptocurrency experience to lead its Alternative Payment Partnerships.
The markets did not react turbulently largely because Apple remained silent over the allegation. It is believed that these adoption rumors will only have the effect of hurting the markets and the credibility of the cryptocurrency industry.