Bitcoin Currency To Be Accepted By Overstock.com In 2014

The CEO stated for The Financial Times that Overstock.com is thinking of accepting Bitcoin as payment in 2014. Apparently the retailer has the ambition to become the first major online retailer to accept the digital currency. No other major retailer has announced a similar plan yet. However, the retailer doesn’t expect to start accepting Bitcoin until the second half of 2014.

This announcement comes just days after a major shakeup in the Bitcoin ecosystem as China’s largest BTC exchange stopped accepting deposits in Chinese yuan, causing Bitcoin’s monetary value to drop 50% in a few hours. Overstock had over $1 billion in revenue last year and the company trades on NASDAQ and its stock price is up 109.29% on the year. The news about accepting Bitcoin caused the shares to rise 7.77% on the day it was announced.

Overstock CEO Patrick Byrne stated that a healthy monetary system isn’t based off of an upside pyramid or government official, therefore Bitcoin fits that bill. Byrne stated that when Overstock starts accepting Bitcoin, the retailer would bank the digital currency in the event derivatives are increasing in popularity. If offshoots fail to gain steam, Overstock would transfer the Bitcoins into dollars on a daily basis, essentially day trading the Bitcoin income.

Early 2013 saw a number of retailers have moved to accept Bitcoin as payment with OkCupid, Namecheap and Humble Bundle among the list. Charities are also latching onto the digital currency since it lacks fees usually associated with monetary donations. If Overstock follows through with its plan, it would be come the largest U.S.-based retailer to accept Bitcoins.

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Image courtesy of businessinsider.com