Overstock to Donate 4% of Bitcoin Revenue to Organizations Promoting Bitcoin Adoption

September 17, 2014 11:13 PM UTC

Overstock CEO Patrick Byrne announced that Overstock will donate 4% of their Bitcoin revenue to organizations promoting Bitcoin adoption. At this point in time, Overstock has selected the Chamber of Digital Commerce as the first organization that will be donated to.

“The cryptocurrency movement is at a critical stage in its evolution. Adoption among the technorati is fairly pervasive, but it needs to make its way into the lives of the masses in the developed and developing worlds, while avoiding the obstacles that uninformed intervention by lawmakers could impose. The Chamber of Digital Commerce will help make this possible. We’re excited to support them.”

Last week Thursday, Overstock began accepting bitcoin internationally through their international site O.co, allowing them to reach a larger market within the Bitcoin community. With the global potential, Overstock will continue looking for bitcoin advocacy organizations throughout the world.

Last month, Patrick Byrne announced at the Bitcoin in the Beltway Conference simply a 3% of bitcoin revenue donation. Having exceeded that, Overstock continues to be one of the largest and most influential Bitcoin merchants. When Overstock initially began accepting Bitcoin in January, bitcoin sales exceeded expectation, surpassing $124,000 in bitcoin sales within the first 21 hours alone..

Meanwhile, the Chamber of Digital Commerce is preparing for big action in 2015. From the Chamber’s site:

“The Digital Chamber is set to launch a full-service public policy campaign in January 2015, at the start of the 114th Congress. We are currently maintaining and building relationships on both sides of the aisle with key House and Senate Committees that have jurisdiction over digital assets including:

Senate Agriculture, Senate Banking, Senate Commerce, Senate Homeland Security, Senate Finance, House Financial Services, House Agriculture, House Ways and Means, House Energy and Commerce, House Homeland Security, [and]House Small Business.

 Using our Government Affairs relationship, we will further engage, regulatory agencies and departments that have jurisdiction over digital assets including:

FinCEN, Internal Revenue Service, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Reserve, US Treasury Department, Department of Justice, Homeland Security, [and] Consumer Financial Protection Bureau.”

Having only been launched in July, the Chamber, led by president Perianne Boring, has joined the call for an extension to the controversial BitLicense proposal’s comment period. The extension was granted by the New York Department of Financial Services and the comment period will now last until October 21st.

Also, the Chamber has hosted a Bitcoin education day on Capitol Hill, with over 32 Bitcoin experts aiming to educate all 435 congressional offices.

As the Bitcoin landscape continues to change rapidly, Overstock has been a big leader in shaping the community and the dialogue presented in approval of adoption. This year alone, they were joined by some big named merchants such as Dell, TigerDirect, NewEgg, Dish Network, and even eBay (through PayPal, through BrainTree)

As for now, Overstock is looking into directing donations towards those who would benefit from the Blockchain the most, Overstock’s Judd Bagley told CCN.com.

“[W]e are specifically looking to support organizations that encourage adoption of cryptocurrencies in developing nations, especially among the unbanked and underbanked.”


Last modified: June 13, 2020 9:32 PM UTC

Calvin Tran @@clvnthbld

Calvin Tran is a filmmaker attending NYU's Tisch School of the Arts. He is interested in economics as a way to see the world and inspires him to create media that illustrates the power of freedom and technology in improving all of our lives.