Overstock has made history as the first major U.S. company to pay business taxes using Bitcoin. This landmark move was announced after the company utilized Ohio’s Ohiocrypto.com portal to settle its Commercial Activity Tax (CAT) for the year.
A Pioneering Step in Crypto Adoption
In November 2018, Ohio launched a tax payment portal allowing businesses to pay taxes with Bitcoin (BTC) and Bitcoin Cash (BCH) via BitPay’s processing services. Overstock CEO Patrick Byrne highlighted the state’s progressive stance, emphasizing how forward-thinking policies could position the U.S. competitively in the cryptocurrency revolution.
Byrne, a longtime advocate for blockchain technology, stated:
"Governments embracing emerging technologies like crypto ensure the U.S. remains a global economic leader."
Overstock has been a trailblazer in crypto commerce, being among the first major retailers to accept Bitcoin and later expanding support for additional cryptocurrencies.
Why Crypto Payments Matter
Cost Efficiency
- Traditional credit card payments incur a 2.5% fee, while crypto transactions reduce this to just 1%.
- Ohio’s system supports 23 tax types via BTC/BCH, with plans to expand by 2025.
Convenience for Businesses
Josh Mandel, Ohio’s former Treasurer, noted that crypto payments streamline processes for companies like Overstock and encouraged broader adoption among other businesses.
FAQs
1. Which taxes can be paid with Bitcoin in Ohio?
Currently, 23 tax types—including CAT—are supported, with potential expansions in the future.
2. How does Overstock benefit from using Bitcoin?
Lower transaction fees (1% vs. 2.5%) and alignment with its pro-crypto business model.
3. Will other states follow Ohio’s example?
While Ohio leads, broader adoption depends on legislative support and infrastructure development.
👉 Explore how crypto is reshaping finance
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