Overstock plans to accept bitcoin next year: report

Reuters News
Posted: Dec 19, 2013 8:56 PM
Overstock plans to accept bitcoin next year: report

(Reuters) - Ecommerce site Overstock.com Inc plans to be the first major United States retailer to accept the digital currency bitcoin, according to a report in the Financial Times.

Overstock's chief executive Patrick Byrne told the FT in an interview that his company could start accepting the currency next year.

"I think a healthy monetary system at the end of the day isn't an upside-down pyramid based on the whim of a government official, but is based on something that they can't control," said Byrne.

Overstock, which reported more than $1 billion in revenue last year, did not respond to requests for comment.

Bitcoin, which is not backed by physical assets and is not run by a person or group, trades 24 hours a day, every day. The supply of currency, which is determined by solving mathematics problems, is limited.

IAC's dating site OKCupid has allowed bitcoin as a form of payment.

(Reporting by Jennifer Saba in New York; Editing by Kenneth Maxwell)