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Online Retail Giant Overstock To Become The First Company To Pay Taxes In Bitcoin

The first US online retail company Overstock will become the first company to pay its business taxes in Bitcoin as of 2019 so let’s find out more about this great news in our latest blockchain news.

Overstock has a blockchain business division and they hope that this decision will promote the use of cryptocurrencies. The founder of the online retail company Patrick Byrne says that Ohio will become the first US state to accept bitcoin as a form of payment for state taxes.

Byrne noted:

 “We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.’’

Overstock will use Bitcoin to pay the Ohio commercial activity taxes starting from February 2019. The company is a long-time supporter of crypto and even became the first major retailer back in 2014 to allow customers to pay for their goods in cryptocurrency.

That same year, Overstock successfully launched Medici Ventures which is a business that uses blockchain technology that currently oversees a global portfolio of 19 blockchain companies.

Medici Ventures invested $6 million in Minds last year in October which is a company that claims to replace Twitter, Facebook, and other social media platforms by promising a high level of privacy and no censorship.

Patrick Byrne pointed out that he wants to focus more on blockchain because he believes that it is a disruptive technology that will affect every industry and eventually the entire world:

In November 2018, Patrick Byrne confirmed that he is exiting the retail business to focus exclusively on blockchain because he believes it’s a disruptive technology that will transform the world:

“The blockchain revolution has a greater potential than anything we’ve seen in history. It’s bigger than the Internet revolution.”