Overstock to Accept Bitcoin Starting In 2014
Overstock.com – the American internet retailer with over a billion dollars per year in sales – will accept Bitcoin starting in 2014.
As Overstock CEO Patrick Byrne told the Financial Times:
I think a healthy monetary system at the end of the day isn’t an upside down pyramid based on the whim of a government official, but is based on something that they can’t control.
If there’s going to be some part of the population which adopts it… I think that we’ll get that business. And the people who switch to it will respect that we started adopting it.
Mobile gift card company Gyft – which allows users to purchase gift cards at more than 50,000 retail locations in the U.S., including Brookstone, Lowe’s, GAP, Sephora, Gamestop, American Eagle, Nike, Marriott, Burger King and Fandango – partnered with BitPay earlier this year to start accepting bitcoins within its app.
According to the Bank of England’s Chief of Financial Stability, this may be a big step towards breaking up the monopoly of the too big to fail banks.
Postscript: Barry Ritholtz points out that Overstock is not that big. For example, Amazon is around 100 times bigger.
He also points out that Overstock has frequently run afoul of the SEC.