Overstock hopes to encourage bitcoin use with a range of incentives for vendors who decide to accept payments in the digital currency.
Speaking in a podcast at the libertarian Porcupine Freedom Festival, Overstock CEO Patrick Byrne said, “We’re going to start giving sort of special deals to the vendors who want to be paid in bitcoin."
This could mean offering discounts and favourable terms to vendors selling through the Overstock platform if they start to accept bitcoin, he indicated, adding that the company may also reward those who already accept the digital currency.
Notably, Byrne also said his company may also offer its employees the option to get paid in bitcoin.
In the podcast, Byrne stressed that he is committed to the “crypto-revolution” and the discounts are being considered “very seriously”, according to the Wall Street Journal.
Byrne has repeatedly made it clear that he is a firm advocate of bitcoin and Overstock’s decision to embrace the cryptocurrency seems to be no publicity stunt.
As for the new initiative, Byrne is looking at the big picture:
Boost to bitcoin
Whether Byrne's desire to build a supply chain of bitcoin-friendly vendors will boost retail sales is yet to be seen, but it should at least bring yet more retail options to the bitcoin community.
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