why overstock .com accepts bitcoin
lower costs to overstock.com than credit cards by the look of this article
Ex-Overstock Chairman Committed To Crypto Despite Market Woes, Calls For U.S. Regulatory Clarity
Aaron Stanley Contributor
Jun 13, 2018, 02:44pm 7,825 views #Regulation
Heritage Foundation livestream
Jonathan Johnson addresses the Heritage Foundation in Washington, D.C. on June 12, 2018
Few publicly-traded companies have ridden the crypto wave like Overstock.com, but its former chairman reiterated on Tuesday that revenues from cryptocurrency payments are a growing segment of the Utah-based online retailer’s business.
“We have somewhere between $68,000 and $120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or ethereum or other coins,” Jonathan Johnson, who serves on the company's board of directors, said in an address to the Heritage Foundation, a conservative think tank in Washington, D.C.
Johnson said that cryptocurrencies currently comprise 0.2 percent of his company’s total revenue stream and emphasized that the figure is “growing” despite declining crypto valuations.
Overstock's bet on the crypto space has made for a wild rollercoaster ride in recent months. Last fall, Overstock’s share price ballooned concurrently with the bitcoin bubble, surging from approximately $30 on October 1 to nearly $87 by early January. That figure leveled off to the $60 range by early March, but then plunged again on news that tZero - an Overstock subsidiary - had been issued a subpoena by the Securities and Exchange Commission regarding its $250 million initial coin offering.
Despite the volatility, Johnson iterated that, for Overstock, accepting crypto payments offers many advantages over traditional credit card payments.
“We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards,” he said, adding:
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