According to CNBC, Patrick M. Byrne, chairman and CEO of Overstock.com stated:
“Overstock.com has become the first major online shopping retailer to commit to accepting the digital currency bitcoin as payment in exchange for any of our million products. We are doing this for both business and philosophical reasons.”
“First, the business reasons: There are large numbers of holders of bitcoin who are eager to patronize firms that will accept this form of payment, but so far, their options have been limited. I believe that by being the first major online retailer to accept bitcoin, we will tap into a significant group of loyal consumers, and as a result our share of the overall market will grow.
“Now, the philosophical reasons: I believe limited government is a better business model for our nation than is unlimited government (and limited government has the additional benefit of being consistent with our Constitution). Among the many vices of authoritarianism is that it can sustain itself only by offering more things to more people than it can actually deliver, and one way it makes up the difference is by debasing its currency.”In addition, the cost of carrying out credit-card transactions is roughly 2 percent. Given that our net margin is also approaching 2 percent, the avoidance of such fees will make bitcoin sales that much more profitable.”