Bitcoin Value up as Deal with Zynga is Made

Bitcoin value soared again recently as the giant social gaming company Zynga stated that they would begin accepting the virtual currency as a payment method. This is a huge step in the right direction for the virtual currency and Zynga is by far the largest gaming company to begin accepting it. Bitcoin value once again rose to over $1,000 which is great news for Bitcoin users after suffering a mighty setback last month due to the Chinese restrictions placed upon it.

The move by Zynga follows moves by other companies shifting in the same way and both Ouya, an Android based video games console maker and the independent games maker Humble Bundle now accept Bitcoin. Teaming up with Bitpay, the Bitcoin payment service, Zynga made the statement on Reddit and said that, "In response to Bitcoin's rise in popularity around the world, Zynga, with help from BitPay, is testing expanded payment options for players to make in-game purchases using Bitcoin.” This deal with Zynga however does nothing to quell the risks that are still being associated with the currency and only a few weeks ago the European Banking Authority stated that, "Currently, no specific regulatory protections exist in the European Union that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business.” The current rapid rise in value due to this latest news is seen by many as just another spike in value and the volatile currency will fall again soon, however it is further proof of more mainstream acceptance.