Overstock expects $10 million to $15 million in Bitcoin sales in 2014

Home » Overstock expects $10 million to $15 million in Bitcoin sales in 2014
Image credit: http://www.flickr.com/photos/105644709@N08/

Image credit: http://www.flickr.com/photos/105644709@N08/

Speaking with the Wall Street Journal earlier today, Overstock CEO Patrick Byrne said that his company has raised their initial projection of Bitcoin sales to between $10 and $15 million for 2014. The company, which only began accepting Bitcoin a little under two months ago, initially expected to see $5 million in BTC transactions this year. Byrne also confirmed that the company has officially passed the $1 million mark for Bitcoin-related sales.

The rapid growth of Overstock’s BTC business comes as a surprise to many in the virtual currency world, as many believed that Bitcoin’s erratic price and attractiveness to speculators would discourage spending. Even Byrne was skeptical, as the told the WSJ:

We did not expect to hit this milestone so quickly. Bitcoin customers are good customers, and we’re pleased to provide them this service.”

Byrne noted that Bitcoin customers tended to spend more, averaging $230 per order rather than the $150 average seen in traditional fiat transactions.

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