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Patrick Byrne: Overstock.com Keeps 10% of Bitcoin Income as Bitcoin

Avatar Jayanand Sagar 5 years ago

As mentioned earlier today, Overstock.com CEO Patrick Byrne held a question-and-answer session on social sharing website Reddit.com Friday.

The Reddit community (as they never fail to do) asked Byrne some really interesting questions, and some really interesting information was revealed by the company’s head honcho.

Mr. Byrne revealed that bitcoin purchases amount to under 0.1 percent of total transactions made on the site, but added that the company is keeping 10 percent of their bitcoin income in its digital form — converting the other 90 percent to fiat via their connection with Coinbase.

Byrne, who calls himself a “strong believer” in cryptocurrencies, first announced Overstock.com would be accepting bitcoin in November 2013 to NEWSBTC.

Byrne also revealed that support for international customers paying in bitcoin should happen by late summer, having just finished implementing a bitcoin refund system.

You can see here that Byrne genuinely supports bitcoin.

Many other companies have begun accepting the digital currency purely for the PR factor, only to convert it all back into fiat.

And if that wasn’t enough to convince you that Byrne is in support of this emerging new currency, take the fact that earlier this year he managed to spend several million on acquiring bitcoin for himself.

Read his full AMA here.

Tags: Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games
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