Overstock.com has consistently made headlines since beginning accepting bitcoin in January of this year, becoming the first mass retailer in the world to do so.
The company has done well in the space, receiving about $1.6 million worth of bitcoin payments to date. Company CEO Patrick Byrne today appeared on FOX Business program ‘Opening Bell’ with host Maria Bartiromo to talk about a number of different topics — bitcoin being one of them.
Despite calling bitcoin small (which it is, of course), Byrne pointed out that bitcoin is growing significantly every month, which certainly is a good thing, especially during a time in which the Utah-based company is seeking to expand into international markets.
This is the sort of scenario in which bitcoin can come in quite handy. No exchange rates: just one currency, though obviously the option to pay in one’s local currency will be primary.
Byrne also took the opportunity to reaffirm that his company is keeping about ten percent of bitcoin in its original form, using the other 90 percent to pay suppliers.
Despite the company’s popularity among bitcoin enthusiasts, the market remains small. Under one percent of products purchased on Overstock.com are paid for using the digital currency.
Whether or not that will grow as time progresses remains to be seen, though Byrne is seemingly optimistic.