“Our first purchase with Bitcoin was a $2700 patio set,” says [Overstock CEO] Byrne from Salt Lake City, where the company is based. In the first 90 minutes of Bitcoins sales, the site had received about 150 orders. Byrne says the company’s rough estimate is that 1% of its sales in 2014, or approximately $13 million, will come in the form of Bitcoin… Overstock pulled in 780 Bitcoin sales worth $127,000 in 21 hours.
My opinion: This is a fascinating time for monetary economics as we are getting to watch the unfolding of the first widely accepted, fully-digital currency. I cannot help but wonder how this form of payment will sustain its value though as one of the three primary functions of fiat money is a ‘store of value’.