Overstock was one of the first large companies in the world to fully integrate Bitcoin as a payment option and despite the scepticism from many experts, they continue to accept it today. Now Patrick Byrne, CEO of Overstock, told to Fox Business that the company has had $1.6 million in total sales through Bitcoin since they integrated the payment method.
In March the company noted that they had reached their first million in transactions, averaging around $500,000 the first two months. Since then the paste has gone down a bit, but they are still doing good with around $250,000-$300,000 a month. Byrne is a big fan of cryptocurrencies in general and also expressed this to Fox Business while they were conducting the interview with him.
“Bitcoin is tiny at this point, but it’s growing about 25% a month. In terms of actual transactions in a day, I think it’s $300m a day. It’s surpassing PayPal, at this point, in terms of transactions." Byrne said.
To prove that Byrne believes in the future of the Bitcoin, he announced in March that he is keeping 10% of all sales in the company, to hopefully create a larger profit out of those in the future. Overstock accepts Bitcoins through Coinbase's merchant API, which has made it easy and cheap for them to accept payments.