Overstock.com Seeks to Hold Small Amounts of Bitcoin, Contrary to Initial Statements
In a conference call that took place on Thursday, Overstock.com CEO Patrick Byrne retracted a statement he made to the press, including an interview with me on newsBTC, regarding just how his online retail company would handle bitcoin income. In my interview with Byrne, he told me he would be planning to convert all bitcoin income to fiat currency if the company could not hedge their risk. Things may be changing. "It's true at this point - and it was true when I said it - that we're not holding bitcoin, but I would like to, at this point, retract that," he said on the call. "It's not out....
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Speaking to investors during Overstock.com's fourth-quarter earnings call on 30th January, CEO Patrick Byrne revealed he now holds "several million dollars" in bitcoin, having recently invested in the currency. Byrne retracted earlier statements that indicated both he and Overstock would not hold any bitcoin. The outspoken exec further freed his company to hold bitcoin on the call, stating that it is "no longer bound" by previous restrictions. Notably, Byrne echoed statements made by executive vice president Jonathan Johnson at the New York Department of Financial Services (NYDFS) hearings....
Bitcoin supporter Overstock.com, led by long-time Bitcoin supporter CEO Patrick Byrne, are projecting three million US Dollars in overall sales for merchandise purchased with Bitcoin for 2014. The amount is a marked drop from the fast start projections Overstock claimed early on, based on the initial flurry of Bitcoin activity the once-largest Bitcoin merchant experienced early on. Overstock Initial Forecast Was Over $10M for 2014. Overstock has spent almost the entire year accepting Bitcoin, taking their first orders on January 9th, netting almost 800 orders and over $100k in revenue from....
Most people would not be willing to refute the fact that Overstock.com is paving the way for cryptocurrency adoption in the retail industry. Since announcing bitcoin acceptance in late 2013, Overstock has quickly become the poster child of bitcoin adoption. The company has indicated they hold a portion of bitcoin revenue, and they've even said they plan on donating a percentage of bitcoin revenues to cryptocurrency-related causes. Looking to get deeper into the cause, it would appear as if the mega retailer is planning to hire a backend developer with some level of bitcoin experience.....
It has been less than two months since e-commerce giant Overstock.com began accepting bitcoin payments on their website, and the online retailer has already surpassed $1m in total sales. Overstock's CEO Patrick Byrne confirmed the company's plans to embrace bitcoin back in December, and bitcoin payment processing officially went live on Overstock.com on 9th January. Byrne spoke with CoinDesk about its $1m milestone, asserting that while the initial surge of bitcoin sales did subside, there has since been steady growth in bitcoin payments: "In the first day there was an enormous surge of....
Overstock CEO Patrick Byrne keeps believing in Bitcoin's future. Overstock was one of the first major online retailers to accept Bitcoin as a payment method. The announcement was a big step for Bitcoin. The cryptocoin is trying to find mainstream acceptance and events like this are important when trying to convince common people to start using Bitcoins. Small Bitcoin revenue. Right after announcing the possibility to pay with Bitcoins, Overstock saw massive purchases made with the virtual currency. Earlier this month, Overstock said they crossed the million dollar mark in Bitcoin payments.....