Overstock board member, Jonathan Johnson, has revealed the top 5 U.S. states that most often conduct purchases using cryptocurrency. Overstock became the initial key retailer to accept bitcoin back in 2014, and now accepts roughly 50 different cryptocurrencies.
Also Read: Overstock.com’s Stock Shares Soar in Relation to Bitcoin
Overstock has revealed the 5 states that conduct the most purchases utilizing cryptocurrencies. The states are Alaska, Delaware, Oregon, Wyoming, and Hawaii – which many have identified surprising, considering that said states are not observed as fintech hubs. THe retailer produced this determination by assessing the percentage of overall income in each and every state that was generated via cryptocurrency purchases.
In terms of absolute cryptocurrency revenues, the most populated states rank the highest, such as California, New York, Texas, and Florida. The company approximates that it processes $300,000 USD worth of cryptocurrency-primarily based sales every single month in total.
Overstock board member, Jonathan Johnson, described the motivations underscoring the company’s option to grow to be a top industrial entity active within the cryptocurrency space. “We saw from the 2013 banking crisis in Cyprus that bitcoin was a good shop of value and could act as a currency. We like the pro-freedom aspect of Bitcoin.”
Johnson described the cryptocurrency-getting demographic, stating that they “tend to be male and buy twice as much as these paying with standard currency.“ Johnson added that “people paying with cryptocurrency don’t purchase something drastically various from other buyers.”
In September, it was announced that Tzero, a majority-owned subsidiary of Overstock, will launch a trading platform for Initial Coin Offerings that is compliant with U.S. Securities and Exchange Commission (SEC) legislation. The platform was capable to obtain regulatory compliance by registering as an “Alternative Trading System’.
In August, Overstock became the very first major U.S. retailer to accept bitcoin money and many prominent altcoins via point-of-sale payment. The business revealed that it would be carrying out so in partnership with Shapeshift.io.
Are your surprised by the states identified as conducting the most purchases percentage-wise using cryptocurrency? Share your thoughts in the comments section below!
Imagse courtesy of Shutterstock, Wikipedia
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Published at Sat, 18 Nov 2017 21:30:22 +0000