Top Stories


    Jan 07, 2014

    Bitcoin tops US$1k again, Zynga to accept currency


    THE price of Bitcoin surpassed US$1,000 (S$1,270) again after Zynga Inc said it would start accepting the virtual currency for some of its online social games, citing wider use of the digital money.

    Bitcoin, which exists as software and isn't controlled by any country or banking authority, surged to about US$1,119 on the Mt.Gox online exchange, one of several markets where it is traded for dollars, euros and other currencies.

    Bitcoin first crossed the US$1,000 threshold in late November and reached a record at US$1,238 on Mt.Gox on Dec 4, but then plummeted to as low as US$640 after China's largest online market for the virtual currency stopped accepting deposits.

    The digital currency has rebounded as more merchants accept Bitcoin for everything from Gummi bears to smartphones on the Internet. Zynga is the latest merchant to accept Bitcoin, which can be used to buy virtual items in games.

    "Bitcoin has been remarkably resilient in the face of all the bad news out of China," ConvergEx Group chief market strategist Nicholas Colas wrote in an e-mail message. "The strength shows a continued interest, which is a very positive sign."

    Zynga spokesman Dani Dudeck confirmed a post by the company on the community website which announced a plan to test Bitcoin payments. Players will be able to pay via the BitPay payments service in FarmVille 2, CastleVille and other games, Zynga said.