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Bitcoin Tops $1,000 Again on Adoption by Zynga Amid Wider Usage

So let me be one of the many economic analyst to say that I very well predicted this would happen. The nation is moving closer and closer towards the use of Bitcoin, which is a virtual form of currency that is being accepted more and more. Now, at this time your probably thinking what is so bad about this? Well, as time progresses, which is sooner than you think, Bitcoin is going to be the only form of currency on a country wide scale, this means the hundred dollar bills you have stored somewhere won't have much of any value soon.



Bitcoin: a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.


Further information provided by Bloomberg businessweek below...




"The price of Bitcoin surpassed $1,000 again on the Mt.Gox exchange, after Zynga Inc. (ZNGA:US) said it would start accepting the virtual currency for some of its online social games as the digital money becomes more widely used.
Bitcoins, which exist as software and aren’t controlled by any country or banking authority, surged to about $1,119 on the exchange today, one of several markets where they are traded for dollars, euros and other currencies.
Bitcoins first crossed the $1,000 threshold in late November and reached record at $1,238 on Mt.Gox on Dec. 4, but then plummeted to as low as $640 after China’s largest online market for the virtual currency stopped accepting deposits. The digital currency has rebounded as more merchants accept Bitcoins for everything from Gummi bears to smartphones on the Internet. Zynga is the latest merchant to accept Bitcoins, which can be used to buy virtual items in games."