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Bitcoin smashes $1000 mark on Zynga adoption

06 January 2014  |  4277 views  |  0 bitcoin

Social gaming giant Zynga will start accepting bitcoin as a payment option in a move which has helped drive the virtual currency's price back past the $1000 mark.

In a post on Reddit, Zynga says that it is working with bitcoin payment specialist BitPay to test in-game purchases for some of its most popular titles, including FarmVille 2 and Hidden Shadows.

Zynga says that the decision comes "in response to Bitcoin's rise in popularity around the world," adding: "We look forward to hearing from our players about the Bitcoin test so we can continue in our efforts to provide the best possible gaming experience."

The vote of confidence helped push bitcoin's value to more than $1090 on Monday morning on the Mt. Gox exchange. The virtual currency first broke the $1000 barrier in November but plummeted to around $540 after China's biggest exchange said that it is no longer accepting renminbi deposits in light of regulatory pressure.

Since then, despite several other central banks issuing their own warnings about the currency, its value has gradually recovered as more merchants begin accepting it.

Meanwhile, the firm behind the world's first bitcoin ATM, Robocoin Technologies, says that it plans to follow up its Vancouver machine with one in Hong Kong. However, any hopes of installing a unit in Taiwan appear to have been dashed by the Financial Supervisory Commission, which has told a news agency that it will block any efforts.

Separately, the latest crypto-currency bidding to take on bitcoin has been unveiled: Coinye West. "Inspired" but not endorsed by the rapper, the currency will launch on 11 January, joining the likes of meme-based dogecoin in the novelty money ranks.

The anonymous team behind Coinye West told Vice: "Coinye West is a cryptocurrency for the masses. Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the internet-meme crowds."

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