In his announcement, CEO Patrick M. Byrnes emphasized the company’s commitment to bitcoin and moving it into the mainstream. “Moving cryptocurrencies out of the realm of geeks and into the realm of the rest of us requires making changes at all levels of the financial ecosystem. An important part of this effort is making digital money ATM accessible.”
Since Overstock began accepting bitcoin, customers have made $3 million in bitcoin purchases in bitcoin on their site. This number falls short of the original forecast of over $10 million for 2014. Its original forecast was based on sales early in 2014, where Overstock had over $1 million in sales by March.
Although the value of bitcoin has decreased over time, it has seen a significant increase in popularity for retailers after major companies like Microsoft, Dell and Time Inc. announced they too would be accepting bitcoin. Overstock is not the first company to offer its employees the option to be paid in bitcoin.
Images from Shutterstock.