Bitcoin Reels in Dish Network, eBay, With More Big Fish to Follow

NEW YORK (TheStreet) -- While the rest of the world may be wary of bitcoin, Dish Network (DISH) and eBay (EBAY) have already embraced it

A couple of days ago, eBay chief John Donahoe championed bitcoin on CNBC's 'Squawk Box'.  The CEO sees bitcoin playing an integral role in the future of online payments. As you know, eBay owns Paypal.

This is a major coop for the digital currency. One wonders which big Web 2.0 names will be next to embrace the cryptocurrencies. Amazon (AMZN), perhaps?

Who will follow the path of Dish CEO Joseph Clayton, whose flubs have not gone unnoticed. The CEO claims to be a forerunner for innovation, a "disruptor". He has a taste for the experimental, the controversial even, as many of the Dish products launched under him prove. Consider the Hopper, a device that automatically removed commercials from recorded primetime programs, resulting in many lawsuits.

Soon after Dish made the Bitcoin announcement, BitFury, one of the largest Bitcoin mining companies, announced it had secured a $20 million funding, one of the largest in the Bitcoin sector yet.

Even Apple (AAPL), a company that had once withdrawn apps allowing Bitcoin transactions, plans to allow "approved digital currencies" and digital wallets back into its app store.

As for Dish, the satellite TV provider will allow its customers to pay for services using bitcoin, by the beginning of fiscal third quarter.

eBay was down almost 1 dollar, at $49.61 midday Friday. Meanwhile, Dish was up 39 cents at $58.84. By 2:00 pm, ET, both stocks were down, as you see in the chart above.

Meanwhile, Bitcoin has been a good sprinter. It is gaining some of the credibility it once lost due to reports of its volatile nature and risk of fraud. The digi-currency now sits pretty at $655.

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Bitcoins have been watched with a lot of ifs and buts. Yet bitcoin ambassador Donahoe is a firm believer that it is the currency of the future and that PayPal will have no choice but to integrate the digital currency (such as bitcoin) into its wallet.

Naysayers doubt the need for another currency -- albeit a "futuristic digital" one. Security questions continue to haunt bitcoin propagators. This is thanks to several scandals and regulatory questions associated with the funny money.

Last year, Silk Road, a Web site selling objects and black-market items that are illegal in many countries, was closed by the FBI. Bitcoin was the only currency Silk accepted for their transactions. Earlier this year, Mt Gox, an exchange that was in 2013 handling almost 70% of all Bitcoin exchanges, filed for bankruptcy in Japan.

Despit being hit by a series of scandals, it is one of the strongest of the cryptocurrencies, or the buzziest, at the least.

Perhaps Bitcoin is the next big thing that is going to take the world by storm, just by its mere presence. Everyone thought it was dead in the water last year. Yet is continues to rise in value. Whether it merits the time and energy of digi-obsessed scouts is still unknown.

>> Read More:

Will the eBay Password Breach Finally Scare Off Investors?

Dish Network a Target After DirecTV Buy?: StockTwits



 

At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff

 

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