Daily Dose of iQ: Overstock.com to Accept Bitcoin Payments in 2014

Dec 23, 2013 — Allan Pulga

The Verge reported Saturday (Dec. 21) that online retailer Overstock.com plans to accept Bitcoin as payment by the second half of 2014.

"Overstock.com CEO Patrick Byrne tells both the Financial Times and The Los Angeles Times that the company plans to accept Bitcoin in the second half of next year — and possibly within the next four months," wrote Dante D'Orazio.

Overstock CEO Patrick Byrne supports the libertarian nature of the Bitcoin cryptocurrency.

"The retailer does over $1 billion of revenue primarily reselling closeout merchandise it acquires from other stores, and it would be the largest retailer to accept the virtual currency."

Byrne, a self-described libertarian, told the LA Times the decision to accept Bitcoin was both a business (to appeal to those who prefer the cryptocurrency) and a philosophical (Byrne says Bitcoin is in keeping with his belief in limited government).

Topics: Mobile Industry, e-Commerce

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