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Bitcoin support works out well for Overstock, as retailer boosts sales estimates

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In the two months since Overstock started accepting Bitcoin payment, the e-commerce giant has accepted $1 million worth of sales in the cryptocurrency. What’s more, the firm, which partnered with Coinbase to handle the payments, said late Tuesday it now expects Bitcoin-based sales of between $10 to $15 million this year, which is twice or three times what it originally estimated. It’s still a small proportion of Overstock’s revenue, but it comes as validation for Bitcoin during troubled times, particularly as Overstock and Coinbase noted how low Bitcoin transaction fees improve net profitability for the retailer.