Overstock CEO Reveals He Now Holds Millions in Bitcoin
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....
Related News
Overstock making strides again with Bitcoin adoption! Unlike many companies that use Bitpay and Coinbase as a processor and immediately convert to fiat, Overstock actually holds 10% of Bitcoin received as Bitcoin. In fact, according to Patrick Byrne when he delivered his keynote address on Saturday at the Bitcoin in the Beltway conference, 3% of Bitcoin sales from Overstock will be used to spread awareness of it. Also, Patrick is hard at work on trying to get Overstock internationally (Bitcoin is only accepted in US as of writing) to accept Bitcoin. As if you cannot tell, Patrick is a....
Overstock.com, the first major company to begin accepting bitcoin in the United States (and world, for that matter), has just opened up the doors to international customers. What that means is if you're living outside of the United States, you'll be able to shop on the Overstock website, which boasts a catalog of nearly two million products. Everything from mobile phone cases to rugs (which incidentally happen to be very popular items amongst bitcoin shoppers). "Bitcoin has been readily adopted in countries outside the United States, yet the opportunities to spend Bitcoin internationally....
US online retailer Overstock is now selling an average of $15,000 worth of goods for bitcoin every day, according to the company's CEO. Speaking to Reuters, Patrick Byrne said he expects bitcoin sales of $6m to $8m this year and confirmed that Overstock's cumulative bitcoin sales have now passed the $2m mark. Byrne added that he expects bitcoin sales to reach $1m per month by the end of the year, up from upwards of $300,000 per month earlier this summer. The retailer reached its first million dollars in bitcoin sales in early March and reported a total of$1.6m in bitcoin purchases in late....
Online retail giant Overstock has released new insight into the buying behavior of its bitcoin customer base, revealing bed sheets have become the demographic's favorite item to purchase. The top five items bought on Overstock with bitcoin are now sheets, donations to non-profits, headphones, cases and holders, and area rugs, respectively. Cables and tools, mattresses, coffee tables, A/V cables and fashion sunglasses round out the top 10 categories. Addressing the findings, Overstock director of communications Judd Bagley commented on the relatively mundane list of items as evidence of the....
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.....