Jonathan Johnson, a member of the board of directors of Overstock.com, thinks cryptocurrencies are a much better payment method than credit cards for merchants. He said the nature of crypto payments means they can be accepted without his company or other merchants having to establish a secure but expensive infrastructure, which is the case with credit card payments.
He said in a recent interview quoted by CCN that cryptocurrencies currently make up 0.2 percent of the $1 billion online retailer’s total revenue stream, a figure that is “growing” despite recent declining crypto valuations.
“We have somewhere between $68,000 and $120,000 a week in cryptocurrency revenue; people buying sheets and toasters using bitcoin (BTC) or ether (ETH) or other coins,” said Johnson, also the president of Medici Ventures, a cryptocurrency investment arm of Overstock. Read more here.