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Overstock estimates $6 million to $8 million in 2014 bitcoin sales

Overstock is seeing millions in bitcoin-related sales, and plans to continue to back the popular cryptocurrency (NASDAQ:OSTK)

| Business, Financial & Legal News | Posted: Aug 14, 2014 8:23 pm

Overstock.com has seen $15,000 per day in bitcoin sales, totaling $300,000 per month, serving as one of the leading brands now accepting the cryptocurrency. Accepting bitcoin is reportedly going to add 4 cents per share to the company's financial earnings in 2014, and sales have exceeded $2 million.

 

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The company expects to see anywhere from an estimated $6 million up to $8 million in bitcoin sales this year, with new customers now shopping with the e-tailer.

 

"We're in bitcoin for the long haul, I intend to make it permanent," said Patrick Byrne, Overstock CEO, in a statement to Reuters. "Cryptocurrencies like bitcoin are going to be around for as long as the law of mathematics works."

 

As other retailers begin considering bitcoin as a legitimate payment method, hearing Overstock's experiences with the cryptocurrency could be helpful. More than 60,000 retailers already accept bitcoin, and there is a growing number of major companies willing to explore the digital currency.

NEWS SOURCES:Reuters.com

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