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How Overstock learned to love retail again

May 17, 2021

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In early 2014, Overstock became the first online retailer to accept the crypto currency bitcoin as payment for goods. After interviewing him, tech magazine Wired wrote at the time that then-CEO Patrick Byrne believed that accepting bitcoin payments could “ultimately boost the company’s bottom line.”

The executive would go on to create a new unit within Overstock dedicated to blockchain, the technology underlying crypto currencies. In the years following, the company’s bet on blockchain would lose the company many millions of dollars out of its bottom line.

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