CEO and founder of Overstock.com Patrick Byrne said that more of the site’s customers are paying for purchases in bitcoin. Overstock began accepting bitcoin back in January 2014, and expectations for the use of the digital currency on the site were originally not high.
Now the retailer is expecting bitcoin sales to reach $10 million to $15 million by the end of the year. Byrne originally expected bitcoin sales to max out at $5 million.
This past Tuesday, Overstock officials announced that customers had purchased $1 million worth of goods using bitcoin since January 9th. Byrne added that customers who buy with bitcoin are spending more. Average orders that are paid with bitcoin have reached $230, as opposed to typical orders that reach an average of $150.
More than 4,300 bitcoin customers have purchased items from the online retailer. In addition, the retailer says of those customers, 60% of them were new to the site. Bitcoin has broadened the online store’s customer base. Byrne said:
“We did not expect to hit this milestone so quickly. Bitcoin customers are good customers, and we’re pleased to provide them this service.”
Overstock bitcoin payments are processed through Coinbase.com, a San Francisco-based processor who exchanges all of the company’s bitcoins into US dollars.
Bitcoin is the Future
Patrick Byrne has his heart set on investing in bitcoin. The Overstock CEO says:
“I’m holding [bitcoin] it like I hold gold. I want a robust safety net as things play out. I’ve always had misgivings about fiat currencies.”
Byrne’s affinity for the digital currency is so strong, the CEO said that he sold millions of dollars worth of gold in order to buy more bitcoin.
Although recent attacks on the bitcoin community have caused some setbacks, bitcoin’s supporters are standing firmly beside it.
Overstock has proven that bitcoin can improve sales and gain consumer confidence. This should set an example for other major retailers who have yet to adopt the digital currency.
For more bitcoin related news, stay tuned to Coinreport.net.
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