After announcing its plans to start accepting Bitcoin payments last month, Overstock.com officially took the plunge yesterday, having brokered a deal with Bitcoin payment processor Coinbase to help handle sales. Now, only a day later, CEO Patrick Byrne announced on Twitter that the company made $130,000 in Bitcoin payments.
#Bitcoin's first full day on @overstock.com was a huge success: 840 orders, $130,000 in sales. Almost all new customers. #stunned— Patrick M. Byrne (@OverstockCEO) January 10, 2014
Byrne's off-the-cuff announcement at the very least shows the interest consumers have in Bitcoin, putting Overstock.com, now the largest retailer to accept the crytpocurrency, in a fairly unique position to profit on it. However, this success is likely only a drop in the bucket for the company. According to Overstock.com's financials, the online store made more than $300 million last quarter, translating to approximately $3 million a day in revenue. At this point, as ever, Overstock.com likely won't be shifting away from traditional currencies anytime soon.