daily sales clip has now reached $15,000 a day, or $300,0000 per
month, he said, though that rate was only recently
"We’re associated with Bitcoin at this point," he added.
Almost 90% of Overstock's Bitcoin shoppers are male, but they're often buying products like bedding or furniture more regularly purchased by women, Byrne said. The average size of a Bitcoin order is $240 versus $165 for regular items.
Overstock.com CEO Patrick Byrne says Bitcoin holders have boosted his company's bottom line as a reward for his decision earlier this year to become the first major retailer to accept the digital currency.
Reached by phone by Business Insider Tuesday, Byrne confirmed a report from Reuters' Gertrude Chavez-Dreyfuss that Bitcoin sales had exceeded $2 million since the Utah-based company began accepting the cryptocurrency in January. He added that he expected up to $8 million in total sales for the year, and forecast Bitcoin revenues would be responsible for $0.04 in earnings per share.
"There's a ramp to it," he said.
"What I get at conferences is, 'I switched my purchases to you online as a show of support,' " he told BI. "That’s what I get in the Bitcoin community. It's become part of the Bitcoin ethic to go and buy something on Overstock.com."
Overstock saw $330 million in revenues in its quarter ended July 28, and that there is no plan to breakout Bitcoin volumes in quarterly filings — at 1/4 of 1%, the overall amount remains insignificant to topline data.
Besides Overstock, 2014 has also seen Dell, Dish Network, Newegg and Reddit announce they would accept Bitcoin payments .
Byrne told Chavez-Dreyfuss he expects total 2014 earnings attributable to shares to reach $0.75-$0.89. In 2013 the company had diluted full-year earnings attributable to common shares of $3.64.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff