The importance of Overstock's Bitcoin sales
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.....
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As the first major retailer to accept bitcoin payment, many have keenly watched Overstock.com; they are expecting $3 million in bitcoin sales for 2014. Projections of the 2014 bitcoin sales for this retail powerhouse have been all over the board, and speculated by many. When bitcoin payment on Overstockfirst became available in January of this year, the sales were far beyond company expectations. Early projections from the first couple of months of this year had bitcoin sales as high as $10-20 million for 2014. CEO Patrick Byrne stated that Overstock originally anticipated $5 million in....
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....
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....
International retail giant Overstock.com is reporting that it expects to complete $3m in total bitcoin sales for 2014. The figures are notable given that the e-commerce company had issued a wide range of potential estimates for its first-year bitcoin sales over the course of the year. In March, CEO Patrick Byrne suggested Overstock was on pace to achieve $10m-$15m, or even $20m, in bitcoin sales. Such estimates were also below the $5m Byrne said Overstock originally anticipated, though on par with those suggested by Overstock chairman of the board Jonathan Johnson in interviews. Judd....
Overstock.com under-estimated potential Bitcoin sales. Based in Salt Lake City, Overstock.com surprised retailers and Bitcoin enthusiasts alike when they began accepting Bitcoin for payment on January 9th, roughly five months ahead of their initially stated schedule. Now it seems that their hard work has paid off, as Overstock has now surpassed $1 million in Bitcoin sales, said CEO Patrick Byrne in an interview. While the $1 million pales in comparison to the $1.3 billion of revenue the company brings in, Byrne has also said that instead of converting the bitcoins to dollars, the company....