Bitcoins value this week is currently rising and going up to around 16% and possibly more as Baidu, a Chinese internet giant started to accept the virtual currency for Bitcoin payments.
On October 14th, Baidu’s Jiasule unit, this unit helps with the firewall plus security services and in a post they confirmed that Bitcoins was now accepted. Bitcoin traded at Mt.Gox Exchange that is in Tokyo and that trade went up to $163 and that is a current increase from five days ago which was at $140. Due to the increase the 20% drop that happened at the beginning of the month has been erased at Bitcoins and part of the drop was after the US Law enforcement authorities did a big shut down with a website that was drug dealing called Silk Road.
Jiasule is still just a small part of the business that is under Baidu but the move does follow many other websites that are recognizable like WordPress, OkCupid and Reddit and those websites now accept Bitcoins. There are many websites both small and big that now accept Bitcoins.
This is also big news about Baidu because first, it is also China but because their stature is reputable. They had to also possibly be approved by the government before they could start accepting Bitcoins.
The price of Bitcoins still remains somewhat volatile compared to other mainstream currencies. Ultimately, volatility needs to substantially decrease and that requires trading volume plus liquidity to greatly increase.