Overstock nearing $1m in Bitcoin sales - PC Retail

Overstock nearing $1m in Bitcoin sales

Etailer made $100,000 in BTC on its first day accepting the cryptocurrency
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Overstock is nearing one million dollars in Bitcoin sales, having begun accepting the cryptocurrency in January.

Speaking to Forbes, the CEO of the US etailer Patrick Byrne said that the site saw over $100,000 worth of Bitcoin transactions on the first day it started accepting the digital cash.

Roughly a month later, and over $870,000 has been generated in BTC from 4,000 orders – with sheets, computer equipment and smartphone accessories proving the three most popular purchases for cryptocurrency fans.

Byrne’s belief in the future of the virtual currency is so strong that he personally converted “several million dollars worth” of gold into BTC, suggesting that the digital currency will retain its value should the physical economy nosedive.

“I’m holding it like I hold gold. I want a robust safety net as things play out,” he explained.

“Gold was the answer but it doesn’t translate as well in the digital age.”

“It’s good to have alternative ecosystems. It’s not that the dollar will go away, but we need other options if it crashes or wildly inflates. I don’t think we ever got out of the recession. We’ve been reinflating the bubble and calling it recovery.”

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