Overstock.com is moving to accept Bitcoin as payment in 2014, the CEO told The Financial Times. Apparently the retailer has the ambition to become the first major online retailer to accept the digital currency. And it very well could be. No other major retailer has announced a similar plan yet. However, put away your digital wallet for the time being. The retailer doesn’t expect to start accepting Bitcoin until the second half of 2014, by which time, Dogecoin could eclipse its popularity.
This announcement comes just days after a major shakeup in the Bitcoin ecosystem as China’s largest BTC exchange stopped accepting deposits in Chinese yuan, causing Bitcoin’s monetary value to drop 50% in a few hours.
Overstock saw just over $1 billion in revenue last year. The company trades on NASDAQ and its stock price is up 109.29% on the year. The news about accepting Bitcoin caused the shares to jump 7.77% on the day.
Overstock CEO Patrick Byrne stated that a healthy monetary system isn’t based off of an upside pyramid or the whim of a government official. Bitcoin fits that bill. Byrne stated that when Overstock starts accepting Bitcoin, the retailer would bank the digital currency in the event derivatives (such as Dogecoin) are increasing in popularity. If offshoots fail to gain steam, Overstock would transfer the Bitcoins into dollars on a daily basis, essentially day trading the Bitcoin income.
In the latter half of 2013, a number of retailers have moved to accept Bitcoin as payment with OkCupid, Namecheap and Humble Bundle among the list. Charities are also latching onto the digital currency since it lacks fees usually associated with monetary donations. If Overstock follows through with its plan, it would be come the largest U.S.-based retailer to accept Bitcoins. That is, of course, if Amazon or the like doesn’t beat them to the punch.
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