In a great piece published by Kashmir Hill of Forbes, it has been noted that Overstock.com has managed to sell about $870k worth of items in bitcoin — amounting to “almost 4,000 orders.”
Meanwhile, the company’s CEO Patrick Byrne has picked up millions of dollars worth of the digital currency, and he intends on keeping it.
“I’m holding it like I hold gold. I want a robust safety net as things play out. I’ve always had misgivings about fiat currencies. Gold was the answer but it doesn’t translate as well in the digital age,” he said to Forbes.
Byrne is seemingly dedicated to the cause now:
“I want to be able to pay vendors and employees in Bitcoin too if they choose,” he said. “I’m doing this because I want to further the cause of Bitcoin.”
And that he has. When I spoke to Mr. Byrne by phone last year, he was quick to tell me he saw tremendous promise in bitcoin. Since he announced that his company would be accepting bitcoin, the digital currency has gained even more community interest and legitimacy.
He doesn’t draw the line at bitcoin, though. Byrne’s interested in other alt-coins, like litecoin. By no means has his company made this move as a publicity stunt. He genuinely believes in it.
We urge you to read the full by Kashmir article here.