It’s been clear from the start that Overstock’s support of Bitcoin is more than just a business decision, or even an attempt to benefit from the “Bitcoin Bump.” It’s clear that cryptocurrencies and free market economics are topics near and dear to CEO Patrick Byrne’s heart. Speaking today at the Porcupine Freedom Festival, a Libertarian-centric political event and group camping trip, Byrne spoke about Overstock’s plans to try to use their Bitcoin support to encourage mass adoption of the currency.
This news comes on top of a previous pledge to devote 3% of Overstock’s Bitcoin profits to Bitcoin advocacy. The CEO himself has revealed that he personally holds several million dollars’ worth of Bitcoin, and is committed to the long-term success of the currency. Byrne explains the decision like this:
“It’s all about building. If we can get employees taking it, and vendors taking it, and customers paying for it, then it all becomes a virtuous circle.”
Overstock has processed a little more than $1.6 million worth of Bitcoin sales since it introduced support for the currency in January.