Online and offline retailers are likely to take Bitcoin and other digital currencies more seriously after eBay (NASDAQ: EBAY) CEO John Donahoe threw his weight behind the payment method.
Donahoe sees Bitcoin and other digital currencies playing an "important role" in PayPal, the e-commerce giant's Internet payment platform. "We're going to have to integrate digital currencies in our wallet," Donahoe said in an interview on CNBC's "Squawk Box."
Plus, earlier this week, Overstock.com (NASDAQ:OSTK), said it has sold over $1 million in product to Bitcoin users since the online shopping site started accepting the currency in January. And Apple (NASDAQ:AAPL) said June 3 that software developers could now include virtual currency transactions in their applications, in a stark about-face for the company.
Donahoe is so interested in Bitcoin, that he has purchased some bitcoins for his own use. "I'm not buying it as an investment. I'm buying it to understand how it can be used," he said.
"I think there are two sides of it, the investment side and the digital currency side," Donahoe said. "I'm more interested in the digital currency side about how you and I can exchange value seamlessly using technology."
-See this FierceRetailIT article
-See this CNBC article
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