International Sales Overstock.Com Fails to Complete Bitcoin Sales Target for 2014
17 December 2014, 06:11
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As the international sales were not on the expected lines, the
international retail giant Overstock.com is reporting that it expects to
complete $3m in total Bitcoin sales for 2014 which are below than the
expectations.
CEO Patrick Byrne had suggested the company was on pace to achieve $10m–$15m, or even $20m, in Bitcoin sales.
When the company decided to embrace the digital currency Patrick Byrne had kept a higher target that could have gone up to $10m–$15m, or even $20m, in Bitcoin sales. Judd Bagley, director of communications and general manager of Overstock’s Cryptocurrencies Group, confirmed, however, that the company had expected a higher figure than $3m.
Talking to media Bagley admitted that while they were still very happy with sales to customers paying with Bitcoin, the numbers didn’t meet the initial expectations. According to the company reports in total, roughly 11,100 customers have so far paid with Bitcoin at both its US and international websites.
This should have not disappointed the company though as this year has been traumatic for Bitcoin investors wherein the prices fell to record levels after reaching to above $1000 in October the last year. This year the Bitcoin prices fell below $300 and for a long time the exchange rate has been below $400.
50% of Bitcoin sales completed by customers who had previously not shopped with it
Overstock informs that 50% of its Bitcoin sales were completed by customers who had previously not shopped with it. Looks the company indeed received Bitcoiners; however, it has also to be kept in mind that though it decided to accept Bitcoin in January, the actual transactions started only in late April.
CEO Patrick Byrne had suggested the company was on pace to achieve $10m–$15m, or even $20m, in Bitcoin sales.
When the company decided to embrace the digital currency Patrick Byrne had kept a higher target that could have gone up to $10m–$15m, or even $20m, in Bitcoin sales. Judd Bagley, director of communications and general manager of Overstock’s Cryptocurrencies Group, confirmed, however, that the company had expected a higher figure than $3m.
Talking to media Bagley admitted that while they were still very happy with sales to customers paying with Bitcoin, the numbers didn’t meet the initial expectations. According to the company reports in total, roughly 11,100 customers have so far paid with Bitcoin at both its US and international websites.
This should have not disappointed the company though as this year has been traumatic for Bitcoin investors wherein the prices fell to record levels after reaching to above $1000 in October the last year. This year the Bitcoin prices fell below $300 and for a long time the exchange rate has been below $400.
50% of Bitcoin sales completed by customers who had previously not shopped with it
Overstock informs that 50% of its Bitcoin sales were completed by customers who had previously not shopped with it. Looks the company indeed received Bitcoiners; however, it has also to be kept in mind that though it decided to accept Bitcoin in January, the actual transactions started only in late April.
