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We don't have to guess, we can calculate this precisely. The M1 supply of all USD is $2.1 Trillion [1]. Overstock has $1.1 Billion in revenue per year [2]. S
by toomim 13y ago
We don't have to guess, we can calculate this precisely.
The M1 supply of all USD is $2.1 Trillion [1]. Overstock has $1.1 Billion in revenue per year [2]. So they pull in .05% of US currency per year, or 0.00014% per day.
The bitcoin money supply is $12.5 Billion [3]. Overstock pulled in $130,000 in a day, which is .001% of the bitcoin money supply.
So they got 7 times the proportion of bitcoin than they get of USD.
[1] http://en.wikipedia.org/wiki/Money_supply http://en.wikipedia.org/wiki/Money_supply
[2] http://en.wikipedia.org/wiki/Overstock.com http://en.wikipedia.org/wiki/Overstock.com
[3] https://blockchain.info/charts/market-cap https://blockchain.info/charts/market-cap
- atmosx 13y agoWait 1 week. Then check the numbers of BTC sales again :-)
- olalonde 13y agoI believe that $1.1 billion revenue figure includes international orders whereas the 130 BTC figure was for US orders only (they haven't enabled Bitcoin payments for international orders yet). In other words, that proportion should be a bit higher.