Overstock Tops $1 Million in Sales Made With Bitcoin in 2 Months

Bitcoin may be experiencing some growing pains, but the currency has proved to be a hit with at least one major retailer.

Overstock.com announced Tuesday that customers have purchased more than $1 million worth of products with bitcoins since the online retailer began accepting the digital currency in January

“We did not expect to hit this milestone so quickly,” Patrick Byrne, chairman and CEO of Overstock, said in a statement. “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

In an interview with The Wall Street Journal, Byrne added that he now expects bitcoin sales on Overstock to hit $10 million to $15 million by the end of the year. Even if it hits the high end of that estimate, bitcoin purchases would represent barely 1% of total sales at Overstock, based on the $1.3 billion in sales it did last year Read more…

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