Overstock CEO Aims to Give Special Deals to Vendors Who'll Accept Bitcoin

Jayanand Sagar | July 3, 2014 | 11:48 am

Overstock CEO Aims to Give Special Deals to Vendors Who'll Accept Bitcoin

Jayanand Sagar | July 3, 2014 | 11:48 am

Some interesting comments coming from Overstock.com CEO Patrick Byrne, as pointed out by CoinDesk. The e-retailer’s head honcho took to a podcast at the Porcupine Freedom Festival recently and made statements that anyone in the community would be proud of:

“We’re going to start giving sort of special deals to the vendors who want to be paid in bitcoin,” he said.

That is to say, the company is looking to work more closely with businesses that deal with bitcoin. Why? Because Patrick Byrne himself is a huge fan of digital currency. In an interview with me last year, Byrne reiterated that bitcoin “is good money” for a number of reasons, including the fact that more of it can’t be created with the stroke of a pen.

Overstock has established itself as a prime example of how a bitcoin-accepting business should operate. They’ve made it clear through their actions that they aren’t accepting bitcoin for PR reasons, but because the boss is a believer. Moreover, instead of simply converting all bitcoin holdings to dollars, the company is holding ten percent of bitcoin revenues as just that, bitcoin.

Even recently, Byrne announced that his company was poised to begin donating three percent of bitcoin sales revenues to support cryptocurrency adoption.

If that wasn’t enough, he announced earlier this year that he’s gone out and purchased several million dollars worth of the digital currency as a personal investment.

How’s that for committed?

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