Overstock's Bitcoin transactions top $1M

|By:, SA News Editor

Roughly two months after the company became one of the first major online retailers to accept Bitcoin (BITCN), Overstock's (OSTK +7.8%) transaction volume has topped $1M.  "We did not expect to hit this milestone so quickly," says CEO Patrick Byrne.

Byrne has suggested his support for Bitcoin is fueled by both ideological and business motivations. "[Bitcoin] helps us fight the machine," he told Wired.

Bitcoin transactions still amount to a small percentage of Overstock's total sales: The company's Q1 revenue consensus is at $344.9M.