Amazon denies initial reports that it accepts Bitcoin as a payment option. Inc. denied a media report on Monday, saying by the end of the year, the e-commerce giant was looking to accept bitcoin payments.

The report can be seen at The world's largest cryptocurrency surged as much as 14.5% after a report from London's City A.M. newspaper, citing an unnamed "insider," before trimming gains to trade 6% higher at $37,694.06.

"Despite our interest in the space, the conjecture that has arisen around our specific plans for cryptocurrency is false," an Amazon official stated.

"We remain focused on exploring  what this could look like for customers who make purchases on Amazon"

On July 22, the company advertised a position for a digital currency and blockchain product lead.

A increasing number of businesses have begun to accept virtual currencies as payment, pushing an asset class that was formerly rejected by big financial institutions closer to the mainstream.

Elon Musk, the CEO of Tesla Inc, said last week that t he electric car manufacturer will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy utilised to mine the currency

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