Overstock is an American giant of the online retail world, and its CEO Jonathan Johnson has spoken out about both the growth of Bitcoin and at his surprise that, despite its quick appreciation, it is not accepted as a form of transaction in more online locations.
Johnson speaks from a lofty position at a global corporation which has historically backed Bitcoin for many years, making it a valid form of payment from customers.
He told the Business Insider news platform that he was surprised that more retailers had not taken a leap of faith and started to accept Bitcoin, considering its growth. Not only that, but Johnson underlined his company’s belief in the currency by highlighting that his organisation keeps half of the Bitcoin payments they receive in the virtual form, rather than exchanging it back into standard currency.
Johnson said, “The disparity between virtually no merchant acceptance and Bitcoin’s rapid appreciation is striking.” Continuing, he said, “I don’t know why a CEO wouldn’t want to make it easier for folks to spend money.”
At present, it is a golden era for Bitcoin, with consumer uptake increasing all over the globe, and prices going up and up. For all the reasons why Bitcoin is attractive, such as efficiency, security and convenience, and despite its soaring popularity in countries such as China, there is still a discrepancy between its growth and the number of online retailers which are currently accepting it.
Johnson pointed out, “It’s actually cheaper for us to complete a Bitcoin transaction than it is to complete a credit card.”
In other Bitcoin news, John Mack, the former CEO of Morgan Stanley, has offered his support to a start-up which trades in Bitcoin. The 72-year-old banker with a great reputation on Wall Street, after leading Morgan Stanley through the financial crisis, is one of the first figureheads from the United States’ traditional financial heartland to throw his weight behind a Bitcoin organisation. “I have been watching and investing in the cryptocurrency market over the last several years,” he told Bloomberg.