Overstock’s Bitcoin adventure has been a fairytale story so far this year and it seems that it is continuing now, as Patrick Byrne, the CEO of Overstock, told Reuters that he is expecting the Bitcoin sales to add 4 cents to each share from its earnings this year.
Bitcoins are currently responsible for around 1% of Overstock’s sales online, having sold for more than $2 million worth of supplies so far since the integration. Byrne and Overstock believes and estimates that they will be selling products worth around $6-$8 million in Bitcoins this year, hoping to gain a new customer base.
“I think the world expects us to make 75-80 cents per share this year. And 4 cents of that would be attributable to bitcoin,” Byrne said to Reuters.
Overstock currently sells for around $10,000-$15,000 in Bitcoins a day, but hope to almost triple that amount so that they can sell for a million dollars a month. One of the ways to get people to use Bitcoins as a payment method, and thus save a lot of money in payment transaction costs, is through creating discounts for those paying with Bitcoins. Currently a 4% discount campaign for those paying with Bitcoins is being launched in September and more will come if successful.
“We’re in bitcoin for the long haul, I intend to make it permanent” Byrne said. “Cryptocurrencies like bitcoin are going to be around for as long as the law of mathematics works.”