Overstock.com CEO Patrick Byrne has told The Los Angeles Times and the Financial Times that the company plans to start accepting Bitcoin payments by the second half of 2014. If the plan comes to fruition, Overstock.com would become the largest retailer to accept Bitcoins to date.
There are more than financial or historical reasons behind the move though. The company’s acceptance of Bitcoins seems to be fueled by his own belief system. Byrne said the decision is “part and parcel with my belief in a limited government”. For those who may be unaware, Bitcoins aren’t attached to any governing body and are in limited supply.
Due to the volatile nature of Bitcoins, Patrick has said that the company plans to exchange Bitcoins for U.S. dollars on a daily basis.
Who knows what kind of repercussions this could have for Overstock.com or Bitcoins. More outlets with which to spend Bitcoins could help its volatility but it’s all speculation at this point, which is why a lot of people and businesses are afraid to touch the rogue virtual currency.
I think it’ll eventually become some sort of collector’s item. Once it’s all available its price will stabilize depending on its demand and increase accordingly like any other product.
What do you think?
Source – The VergeFiled Under: Concepts & Design, Geeky Stuff