Discount online retailer Overstock.com announced it will be the first major online retailer to accept virtual currency Bitcoin.
“We think there’s going to be a market in Bitcoin, and we want to get in front of it,” CEO Patrick Byrne told CNN. “We want to be the first major e-tailer that accepts it.”
Overstock plans to begin accepting Bitcoin near the end of the second quarter of 2014, CNN said.
Byrne told the news service the decision arises from his libertarian political beliefs.
I “think the monetary base should not be something that a government can create with a stroke of a pen,” he said.
Byrne told CNN that he is not sure if Overstock will use an established Bitcoin-processing service or establish its own.