Reuters logo
Overstock plans to accept bitcoin next year- report
December 20, 2013 / 1:50 AM / 4 years ago

Overstock plans to accept bitcoin next year- report

Dec 19 (Reuters) - Ecommerce site Overstock.com Inc plans to be the first major United States retailer to accept the digital currency bitcoin, according to a report in the Financial Times.

Overstock’s chief executive Patrick Byrne told the FT in an interview that his company could start accepting the currency next year.

“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,” said Byrne.

Overstock, which reported more than $1 billion in revenue last year, did not respond to requests for comment.

Bitcoin, which is not backed by physical assets and is not run by a person or group, trades 24 hours a day, every day. The supply of currency, which is determined by solving mathematics problems, is limited.

IAC’s dating site OKCupid has allowed bitcoin as a form of payment.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below