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Bitcoin’s Powerful Ally

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Overstock.com’s CEO Patrick Byrne wants to increase the popularity of Bitcoin, according to a profile by Forbes. The large discount retail site has enacted features that reward customers paying with the virtual currency. It is also developing a Bitcoin-styled stock market. So far, according to Byrne, the site has experienced around $870,000 in Bitcoin transactions.

“I want to be able to pay vendors and employees in Bitcoin too if they choose,” he told Forbes. “I’m doing this because I want to further the cause of Bitcoin.” Byrne himself is worth several million dollars in Bitcoin, according to the article. But as Daniel Altman pointed out on Big Think, Bitcoin presents potential problems that may stand in Byrne’s way.

Image credit: antanacoins/Flickr

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