The First Major Retailer To Do So
It was just about one month ago that we ran the story “More Evidence Bitcoin is Going Mainstream.” And indeed, the evidence continues to mount daily. Today we are encouraged to report that the first major U.S. retailer to accept Bitcoin as a form of payment will be Overstock.com. The online retailer is anticipated to have total sales of $1.3 billion in 2013.
The CEO, Patrick Bryne, sounded very much like a true Bitcoin enthusiast when he told the Financial Times, “We’re the guys who like gold. We think the monetary base should not be something that a government can create with a stroke of a pen.”
“Overstock.com will become the first major U.S. retailer to accept Bitcoin, the company’s chief executive Patrick Byrne told CNNMoney Friday.
Byrne said customers will be able to use the virtual currency to make purchases on Overstock.com (OSTK), which sells everything from digital cameras and bed sheets to patio furniture and even cars. The company is expected to have total revenue of $1.3 billion for 2013, according to FactSet Research.
‘We think there’s going to be a market in Bitcoin, and we want to get in front of it,’ said Byrne. ‘We want to be the first major e-tailer that accepts them.’ Byrne first made comments about Overstock.com accepting Bitcoin in an interview with Bitcoin blog newsBTC and later in the Financial Times.
Overstock plans to begin accepting Bitcoin near the end of the second quarter of 2014. Byrne said the move stems partly from his background in the Austrian School of economics, which is associated with the Libertarian party in the United States.”
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