Streaming mammoth Twitch.tv has re-established Bitcoin and Bitcoin Cash as viable payment mediums in its website. The corporation had previously eliminated them in March of this year. The move follows Bitcoin’s sharp price burst, with the currency having recently shot past eleven thousand dollars ($11,000) in value.
Although the company has officially sanctioned the digital currency as one of its official payment methods, it has notably kept the option veiled and harder to find than the others.
One needs to first subscribe to a channel on the platform, after which the ‘more methods’ option needs to be selected. Following this, the user needs to scroll down and click ‘show more methods’ before the Bitcoin payment option is then exposed.
Most mainstream analysts assign Twitch.tv’s motives to Bitcoin’s explosive price rise over the past two weeks, wherein its price soared from eight thousand dollars ($8,000) to over eleven thousand dollars ($11,000).
Some, in the cryptoanalyst community, also believe it could have been the storm of interest over cryptocurrency following Facebook’s Libra initiate that changed the company’s mind.
The Libra initiative and the Bitcoin price surge together seem to have pressured Twitch to try to capitalize on the renewed crypto interest around the world.
Twitch TV has had a tumultuous relationship with Bitcoin that stretches back well past 2019. The streaming giant had supported Bitcoin as an official payment medium way back in 2014 amidst a partnership with Xsolla, a gaming platform that had also been associated with the cryptocurrency. However, after Xsolla dissociated itself from the Bitcoin payment method, the option was eliminated for Twitch TV users as well.
The company added Bitcoin once again in its payment medium in 2016, and the option had been available for its users until March of this year.