The rapid growth of Overstock’s BTC business comes as a surprise to many in the virtual currency world, as many believed that Bitcoin’s erratic price and attractiveness to speculators would discourage spending. Even Byrne was skeptical, as the told the WSJ:
We did not expect to hit this milestone so quickly. Bitcoin customers are good customers, and we’re pleased to provide them this service.”
Byrne noted that Bitcoin customers tended to spend more, averaging $230 per order rather than the $150 average seen in traditional fiat transactions.