More than 400 online retailers offer deals for Bitcoin Black Friday

BY newsdesk  November 28, 2013 at 4:45 PM EDT

Flickr user btckeychain
Photo by Flickr user btckeychain

More than 400 online retailers banded together this week to offer Black Friday deals to Bitcoin users, TechCrunch reports, in time for the Christmas shopping season.

Starting November 29th, special deals on the “Bitcoin Black Friday” website include free shipping for purchases of Sriracha Bacon Lollipops, 20 percent off electronic cigarettes and discounts on Reddit gold memberships, all only accepting Bitcoins as payment.

The growing attention from retailers is the latest example of digital cryptocurrencies gaining more acceptance among the public and investors. Bitcoin prices hit $1,000 on the Mt. Gox online exchange Wednesday, an 80-fold increase from last year when it was trading about $12, Bloomberg reports.

Authorities are also working to stamp out illegitimate uses of Bitcoin, such as exchanges on Silk Road, the online illegal drug marketplace. And merchants are beginning to accept the digital currency, which drums up interest from investors and speculators, which has been driving up the price.

“Milestones do tend to provide some validation, even though they are entirely arbitrary,” Nicholas Colas, chief market strategist at ConvergEx Group, wrote in an e-mail. “$1,000 for a Bitcoin would draw attention and certainly gives people positive on the currency another reason to laugh at the naysayers.”

The New York Times “Bits” blog said the value of nearly all digital cryptocurrencies, including Litecoin and PeerCoin, have seen significant rises in pricing in the last week. Litecoin, an alternative to Bitcoin founded in 2011, rose nearly 30 percent in the last 24 hours, bringing its value to $40.67.

H/T Cindy Huang