TigerDirect breaks $1 million in bitcoin sales

This week, online electronics retailer TigerDirect joined the exclusive club of bitcoin-accepting merchants to see over $1 million in total BTC transactions. The Florida-based company has only been accepting bitcoin for less than two months, and saw nearly $250,000 in BTC transactions in the first day.

It’s worth noting that TigerDirect’s parent company, Systemax, sees $3.3 billion in yearly revenue, so the $1 million in bitcoin sales generated by their discount branch is likely be viewed as a curiosity more than a game changer. In fact, one reason for TigerDirect’s success is that they’re selling to the most bitcoin-friendly market there is.

TigerDirect’s success may soon have an effect on its biggest direct competitor, Newegg, which has been occasionally hinting at accepting bitcoin payments since early January.

That said, the mere fact that two notable online retailers, TigerDirect and Overstock.com, have earned $1 million each in the first quarter from a pool of active bitcoiners estimated to be under 1 million people speaks volumes. With larger and more established niche brands like Lord & Taylor experimenting with bitcoin, as well as an estimated 50,000 merchants indirectly using bitcoin thanks to Gyft, the adoption curve seems to be climbing steeply.