Overstock.com surpasses $1 million in sales through Bitcoin

Posted Mar 5, 2014

Overstock.com announced on Tuesday that purchases made with Bitcoin has hit $1 million since the payment option was added a little less than 2 months ago. Overstock.com saw $1.3 billion in 2013 revenues so the Bitcoin sales are a small percentage of the overall numbers. The $1 million figure still indicates that using Bitcoin for shopping has a high demand.

Over 4,000 customers use Bitcoin as a payment method and over half of the orders came from new Overstock customers. Overstock.com CEO Patrick Byrne said that he expects sales in Bitcoin to hit between $10 and $15 million this year.

The challenge with Bitcoin is that the prices and businesses that revolve around the digital currency can be quite volatile. Mt. Gox went bankrupt after hackers came in and stole over $400 million worth of the currency.