Did Overstock.com Help Propel Bitcoin Back Over $1,000?

Did Overstock.com Help Propel Bitcoin Back Over $1,000?In terms of e-commerce and wider acceptance, bitcoin had a good week with Overstock.com becoming by far the largest online retailer to let consumers pay for items with the cryptocurrency.
In its first day of accepting bitcoins as payment, Overstock.com said nearly $130,000 in sales were completed using the virtual currency. Customers can shop for any of the over 1 million products on Overstock, with bitcoin joining Visa, MasterCard and PayPal as  payment options.
Meanwhile, bitcoin Saturday rebounded back over $1,000 on the Mt. Gox exchange, five days after it reached that mark on Monday. Bitcoin had retreated to the $800-$900 range across most exchanges in the interim.
The Overstock.com acceptance is the most positive news of the week for the cryptocurrency, as U.S. startups involved in the bitcoin ecosystem continue flourishing, backed by venture capitalists who refuse to miss out on what could be an historic e-commerce evolution.
Overstock.com used the payment processing company Coinbase, a surging Silicon Valley startup, to receive the bitcoin currency as payments for good and shipping.
Overstock.com is the largest online retailer to use Coinbase as a bitcoin processor. Coinbase already provides bitcoin payment processing for other sites, including Ok Cupid, Humble Bundle and Reddit. Coinbase currently serves 19,000 other businesses.
“We believe that Bitcoin is nearing a tipping point for broad consumer adoption, and we couldn’t be more thrilled to be working with the team at Overstock.com to help make that a reality,’ says Fred Ehrsam, co-founder of Coinbase.
Overstock.com Chairman and CEO Patrick M. Byrne is a bit of a renegade on the e-commerce landscape. His move may lead to other major e-tailers accepting bitcoins.
“Digital currency will be an important part of the future and Overstock is excited to be the first major online shopping retailer to accept it,” said Byrne in a statement. “As one who believes in limited government, this attracts me because it is a form of money that no government mandarin can will it into existence.”

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