Published On: Mon, Jul 17th, 2017

Overstock Chairman: It’s ‘Crazy’ More Retailers Don’t Accept Bitcoin

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Champion of Bitcoin in the online retail space Overstock.com is flummoxed that the adoption of Bitcoin in their marketplace has regressed rather than exploded with the digital currency boom.
Jonathan Johnson, chairman of the board at Overstock, has said it is ‘crazy’ that more retailers are not accepting Bitcoin as his company continues to see growth in digital currency transactions in their store.
In recent research, brought out by banking group Morgan Stanley, it was found that since last year, the boom in Bitcoin’s price, as well as its move into the mass market, has actually regressed the adoption of the digital currency for the top online retailers.

There are currently only three retailers in the world’s top 500 that accept Bitcoin as a form of payment, with Overstock.com being one of them. This figure is actually down from 2016 when the number sat at five.
The disparity between the merchant acceptance of Bitcoin and its rapid rise to be a major player in digital currencies, ideal for online retailers, has been hard to explain and has confused traditional institutions such as Morgan Stanley.
Too expensive for retailers to transact?
One of the reasons …

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