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Overstock CEO Bullish On Cryptocurrencies, Expects Them to Become the Dominant Method of Exchange

November 08, 2018 13:57
Overstock CEO
Overstock boss Patrick Byrne
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When Overstock, the American e-commerce platform that competes with Amazon, became first e-tailer to start accepting Bitcoin back in 2014, it was not immediately clear why did the company take that decision. Crypto had still not become as mainstream as it is today, and Bitcoin was far from its record highs of $20,000 that it reached earlier this year. Looking back, however, it seems that they made the right choice at the right time. And now company’s CEO explains very enthusiastically why they made this choice. Recently he explained it in an interview with crypto YouTuber Naomi Brockwell, and his comments probably left a significant impact on the price of Bitcoin.

Speaking to Brockwell Mr. Patrick Byrne, the CEO of Overstock, said that he expects crypto to become the dominant means of exchange when centralized financial systems collapse. Given below is what he had to say:


“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse. So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.”

However, Byrne was not entirely confident of Bitcoin becoming the dominant cryptocurrency for mass adoption. He said:

“Whether bitcoin is the one, whether bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell.”

Most recently, Overstock added Bitcoin Cash and Ethereum to its list of supported cryptocurrencies for payment.

Patrick speaks, Bitcoin jumps

Patrick’s comments seem to have hit a positive chord with crypto traders and investors. Over the course of last 24 hrs Bitcoin’s price is up 2%, currently hovering around $6,500. Bitcoin Cash and Ethereum, the other two cryptocurrencies supported by Overstock, are also up about 1%. Of course, other factors are also at play here and this is also not any steep rise, but positive comments from a major American e-tailer certainly matter a lot to the long-term believers of cryptocurrencies. 

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)


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