Overstock.com – the popular US-based online retailer which became one of the first major companies to accept Bitcoin, is holding 50% of the incoming BTC according to its CEO.
Overstock Retains Half of The Incoming Bitcoin
In a new interview with the Business Insider, Overstock’s founder and CEO Patrick Byrne, revealed that the company retains 50% of the Bitcoin they receive while transferring the other half into cash.
“Now we only transfer 50% and the rest we keep in bitcoin.” – Said Byrne.
Byrne, however, also shared that the company has, in fact, sold Bitcoin for profit in the past:
And then periodically we do – we have cashed in bitcoin and made a few million dollars along the way or $5 million somewhere like that.
When asked about the future price of Bitcoin, Byrne shared that he has “no idea.”
Overstock’s Involvement in the Cryptocurrency Field
Overstock became the very first major online retailer to accept Bitcoin.
The company is also the owner of tZERO – a security token trading platform. tZERO just recently began the process of giving investors control over tokens which they bought throughout a sale that the company completed in August 2018.
Most recently, however, Overstock has taken a U-turn from its retail arm as Byrne said that he intends to sell it.
This caused a serious move in the company’s shares, sending them 23 percent into the positive in just a day.
Speaking on the matter was Byrne, who said:
We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy. We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.
What do you think of Overstock’s bet on cryptocurrencies? Do let us know in the comments below!
Images credit to Netky.sk