The chief executive of online retailer Overstock.com Inc has claimed that the company’s Bitcoin sales are expected to add 4 cents per share to its earnings for the year.
Having begun accepting Bitcoin payments on its website in January this year, sales using the virtual currency has exceed $2 million, or around one-quarter of 1 per cent of total sales so far.
Chief executive Patrick Byrne says he expects that Bitcoin sales will hit $6-$8 million by the end of 2014, most coming from new customers.
So far, total Bitcoin sales have totalled $15,000 per day, or $300,0000 per month. By the end of the year, Byrne expects Overstock to make $1 million of Bitcoin sales per month.
Overstock uses Coinbase as a payment processor and has been a forerunner in the Bitcoin revolution, being the first company with at least $1 billion in sales to accept Bitcoin payments. The company expects $1.5 billion in sales this year.
More than 60,000 merchants worldwide accept Bitcoin, according to data from CoinDesk, a provider of Bitcoin data.
Byrne commented: “I think the world expects us to make 75-80 cents per share this year. And 4 cents of that would be attributable to Bitcoin.”
He continued: “When technology comes along like crypto-currency, which can replace at a far lower cost … I am all for supporting it. We’re in Bitcoin for the long haul, I intend to make it permanent. Cryptocurrencies like Bitcoin are going to be around for as long as the law of mathematics works.”
Overstock plans to start accepting Bitcoin payments from international customers by mid-September this year. At the same time, it will also allocate 4 per cent of Bitcoin sales to promote the currency.
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