If major retailers, such as Overstock.com, intend to immediately convert bitcoins to fiat, then is spending bitcoins equivalent to selling on an exchange? If so, there is little incentive to spend because it adversely impacts your investment, unless sufficient new fiat is flowing into the exchanges to offset your bitcoin purchases.
2014 could turn out to be a very bad year for bulls if too many large merchants decide to accept bitcoin.

2014 could turn out to be a very bad year for bulls if too many large merchants decide to accept bitcoin.



Isn't what BitPay does with its BTC more important then what Overstock does with it? Or maybe we can start a whole new group of activists who support merchants who don't instantly covert their BTC to fiat at the POS.
Well, the point is that more merchants accepting bitcoin is typically viewed as bullish. I disagree if the merchants intend to immediately convert back to fiat.
There's an article on this...
http://www.businessinsider.com/retailers-warm-up-to-bitcoin-2013-12