Patrick Byrne: "Interesting Announcements" Regarding Bitcoin on the Horizon

The bitcoin community’s favorite CEO isn’t done when it comes to discussing the emerging digital currency that has swept the tech industry off its feet over the past year.

Today on his official Twitter account, Overstock.com CEO Patrick Byrne teased some news that we can all expect in about two weeks at a bitcoin conference that’s slated to take place in Las Vegas, Nevada on October 6th.

No doubt about it, you can expect the announcements to be related to bitcoin. The fact that he’s waiting for a bitcoin conference to take place for him to spill the beans should be enough to convince you.

But what will he announce?

Anyone’s guess (which I suppose is the same as saying nothing), but I’ll open the floor to you in the comments below.

Byrne isn’t explicitly listed as a featured speaker on the Inside Bitcoins conference page (Update: he’s listed), but hey, now you know he will be present. For your information, the event takes place from October 5-7 at the Flamingo Hotel & Casino.

Other recent announcements from Overstock.com include:

  1. Overstock Donating 4% of Bitcoin Revenue Toward Cryptocurrency Adoption
  2. Overstock.com Has Received $1.6 Million in Bitcoin Payments
  3. Patrick Byrne: Overstock.com Keeps 10 Percent of Bitcoin Income as Bitcoin

Keep it locked here for the latest on this front.


Subscribe to our newsletter

Some interesting news surfacing from a Reuters exclusive on this Wednesday evening.

The news agency’s report indicates that Overstock.com‘s bitcoin sales will add an estimated four cents to the company’s 2014 EPS (earnings per share) figure.

Word came from the company’s head honcho, Mr. Patrick Byrne, who spoke to the outlet directly.

Already this year, Overstock.com has managed to pull in a whopping $2 million worth of bitcoin sales on a slew of different items, and Byrne (who’s generally quite ambitious) says he’s expecting the company to rake in between $4 and $6 million worth of payments using the digital currency this year alone.

He tells Reuters:

[blockquote style=”2″]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.[/blockquote]

Investopedia.com defines earnings per share as: “The portion of a company’s profit allocated to each outstanding share of common stock,” adding that, “Earnings per share serves as an indicator of a company’s profitability.”

Patrick Byrne Twitter PictureOverstock.com stands as a shining beacon to many in the bitcoin (and cryptocurrency) community, becoming the first major company to adopt the digital currency as a means of payment.

Since then, a number of other high-profile companies have followed in Overstock’s footsteps, of which include Newegg.com and TigerDirect.com.

Overstock.com has stated previously that they keep approximately ten percent of the bitcoin they collect from customers and set it aside. Another small percentage of bitcoin revenues (at least three percent) will be used to support cryptocurrency adoption in the future, the company’s CEO announced at a bitcoin conference in Washington, D.C. in June.

The mega-retailer has plans to enable bitcoin acceptance for international customers some time in the middle of September, and according to Byrne, he’s in the cryptocurrency realm for the “long haul”.

[textmarker color=”C24000″]Source[/textmarker] Reuters

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?

Overstock.com, the first major company in the world to adopt bitcoin as a means of payment, is taking themselves a step further in the cryptocurrency space.

First reported by bitcoin website CryptoCoinsNews this past weekend, the Utah-based company’s CEO, Patrick Byrne, announced that the mega retailer has plans to donate approximately three percent of their bitcoin sales revenues to cryptocurrency-related causes. Specifically, with the aim to spur adoption in the sector.

The announcement came during Byrne’s keynote address at the Bitcoin in the Beltway conference that took place in Washington, DC.

“The decision to donate a portion of Bitcoin sales revenue is a new one and we’re still working out the details,” a company spokesperson told NEWSBTC on Monday evening. “Whatever happens, an official announcement won’t be made until September.”

Already, Overstock.com is widely considered to be many steps ahead of other major companies that accept bitcoin (such as TigerDirect, Expedia, and soon-to-be DISH Network) for the reason that the company keeps ten percent of bitcoin sales revenues in just that: as bitcoin. Byrne has previously referred to converting 100 percent of bitcoin revenue into bitcoin as “cheating”, so it’s no surprise they’re taking this particular route.

The company hasn’t hinted how the plan is expected to work exactly, but says the cause goes far beyond bitcoin.

“One thing I can confidently tell you, however, is that any revenue from Bitcoin sales that Overstock.com donates will go to support the adoption of Cryptocurrencies in general, not necessarily Bitcoin in particular,” the spokesperson added.

A pioneer in bitcoin commerce

Overstock.com announced plans to accept bitcoin an an interview with NEWSBTC in December of last year. In that interview, Patrick Byrne told me the plan was to enable these digital currency payments in second half of this year.

The announcement caught significant press attention, forcing the company to work quicker to implement the payment solution before a competitor beat them to the punch.

Support for bitcoin payments were finally enabled in early January in partnership with Coinbase of San Francisco, and by early March, the company had announced over $1 million sales paid for in digital currency.

Stay tuned for more updates on this story.

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.

For the countless bitcoin enthusiast who were unable to make it to Bitcoin 2014 in Amsterdam (myself included), you’ve probably been looking for a video of Mr. Patrick Byrne’s keynote.

Thankfully, the folks at “Coinsider This!” have posted the video many of us have been waiting to see:

[ot-video type=”youtube” url=”https://www.youtube.com/watch?v=bkf04kQw1YU”]

Patrick Byrne, as you might be aware, is the CEO of Overstock.com. He rose to fame in the bitcoin community last year, when he announced (to NEWSBTC first) that his company would soon be accepting bitcoin.

During my interview with Patrick, he originally aimed toward the second half of 2014 as a projected start date. But due to overwhelming media attention, the pressure was on.

By early January, Overstock.com had begun accepting the digital currency. It wasn’t long before the company announced they had reached $1 million in sales paid for with bitcoin. Impressive!

Since then, Byrne says (it’s mentioned in the video above) the Utah-based company is keeping ten percent of bitcoin income as just that, bitcoins. He refers to the practice of immediately converting all bitcoins to fiat as “cheating”.

The video runs for just over one hour, so you might want to play this one following your work day.

If you’re interesting in seeing Byrne deliver another keynote address, the word is that he will be doing so at APEX: Digital Currency Partnerships expo in San Francisco on September 8-9.

A newly-announced event dubbed APEX: Digital Currency Partnerships, will take place from September 8-9 with a goal of “bring[ing] digital currency to the forefront of financial services.”

The event described:

Apex digital currency EXPO“At APEX: Digital Currency Partnerships, you’ll engage in new conversation, bridging Bitcoin philosophy and business development. We’ll cover digital currencies as transactional currency, investment vehicles, protocol platforms and the underpinning of financial services for mainstream and underserved consumers.”

Overstock.com CEO Patrick Byrne will reportedly be delivering the keynote address at the expo, which is taking place in San Francisco, California.

Byrne found himself in spotlight of the bitcoin community when his company became the first major retailer in the world to announce the support of and acceptance of bitcoin.

Since then, the community has looked up to Byrne — and is extremely interested in what he has to say.

If you’ll recall, Byrne delivered the keynote address at the Bitcoin Foundation’s Bitcoin 2014 conference last week, in which he made enthusiastic remarks to a crowd exceeding 1,000 people.

“Bitcoin is good money,” Byrne told me last year in an interview — a statement he’s supported by acquiring several million dollar’s worth of the digital currency for himself.

Should be interesting.

If you were wondering who else will be at the APEX event, speakers include newly-elected Bitcoin Foundation board member Brock Pierce, Vitalik Buterin from Ethereum, and Jaron Lukasiewicz, CEO at Coinsetter.

For more information on the event, you can check out their homepage here.

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.

A reminder to you regarding Overstock.com CEO Patrick Byrne’s plans to do a Q&A session on social sharing website Reddit.com.

It’s taking place right now (follow this link), as planned.

He writes:

[blockquote style=”2″]14 years ago I launched Overstock.com. Today, despite the great dotcom bubble and several financial downturns, Overstock.com has grown to become one of the largest internet retailers on the planet. The best idea I ever had is Worldstock, the fair trade division of Overstock.com, which sells the work of thousands of artisans in developing nations, and has become one of the largest fair trade organizations in the world.[/blockquote]

Patrick Byrne was the recipient of much attention in November of last year, when he announced to the world that his online store would be accepting Bitcoin payments — making it the first major company in the world to do so.

He’s a staunch supporter of crypto-currencies, if you haven’t already guessed.

[blockquote style=”2″]I’m indifferent to controversy, and have stirred things up with my decade-long battle against corruption on Wall Street, my ardent support for school vouchers, and my advocacy of cryptocurrencies such as Bitcoin.[/blockquote]

So far, many of the questions asked by Redditors involve digital currency, so if you’re looking to get your question in, now’s the time.

Here’s that link again for you.

Here’s a little something that might interest members of the bitcoin community, particularly those that frequent social sharing website Reddit.com.

Overstock.com CEO Patrick Byrne will be holding a Q&A session at from between 3 – 5 PM Eastern time on the /r/IAmA/ subreddit Friday, the 2nd of May.

While the subreddit will allow Redditors to ask just about any question they feel appropriate, bitcoin-loving Redditors can take the opportunity to ask Byrne hard-hitting questions relating the the emerging digital currency.

Of course, both Overstock.com and Patrick Byrne gained tremendous popularity in the bitcoin community late last year, when NEWSBTC broke the news that Overstock.com would be accepting bitcoin in 2014 following my interview with Byrne.

My. Byrne himself has said that he supports bitcoin, and it seems like that his company will do what they can to support the bitcoin economy moving forward.

If his words weren’t enough to convince you, Byrne even announced earlier this year that he’s picked up several million dollars worth of the crypto-currency for himself.

So if you’re looking to ask Patrick a question of your own, this is the perfect opportunity!