Founder and CEO of Overstock Patrick Byrne, a longtime supporter of cryptocurrencies, in an interview on FOX Business channel in the program “Morning with Mary” told why he was so sure in crypto.
During the interview Patrick Byrne noted that it is not about how to grow the bitcoin exchange rate, and how long I can hold out for Fiat currency, and that “it’s time to move on to real money.
The company Patrick Byrne, Overstock – one of the biggest online stores in the U.S., started to accept bitcoin in 2014. When asked about what he thinks about the numerous statements that bitcoin is a bubble, he replied:
Do you think this is a bubble? What about the Fiat currency that you carry in your wallet? Dollars, it’s just some kind of currency based on what? Excessive power of the U.S. Treasury, and I submit that it is equal to zero… It’s time time to move onto real money. Either gold or bitcoin.
After Overstock many other retailers, including Expedia, Dish Network and Starbucks started accepting cryptocurrencies through the app Fold. However, many influential people on wall street still don’t see the value in cryptocurrency.
CEO of Berkshire Hathaway Warren Buffett recently stated that bitcoin is a real bubble, while the CEO of JP Morgan Jamie Dimon called it a “hoax” and added that he will dismiss any of its employees, selling bitcoin.
Speaking on FOX Business, Byrne does not so much protect cryptocurrencies how much attack on Fiat money:
The real question is not how to grow bitcoin. The real question is how will fall the value of Fiat currencies, and their value in the end will equal zero, because in the end they all have one non-stop operation of the printing press.
Byrne further stated that the dollar may have already lost all of its value, but added that gold and bitcoin is that governments can’t control, and therefore, the value of the cryptocurrency the number one can reach a million dollars:
We have all of these currencies since Bretton woods, rates are constantly fluctuating against each other, and maybe the dollar will not fall to zero against them, but they all fell in price by 95% … compared to the fact that they can’t control… gold and Bitcoin. Therefore, it is likely that bitcoin will ever reach a million dollars.
Bitcoin and Overstock
As mentioned above, Overstock started accepting bitcoin in 2014, but the company also purposefully supports all cryptocurrency initiative. Earlier, she announced that she will donate 4% of their income to organizations that promote bitcoin, and in 2015 it granted its employees the opportunity to receive a salary in bitcoin.
Earlier this year the company announced that it would begin to accept 40 different altcoins, including Litecoin, Dash and NEM, and plans to leave 50% of the income in bitcoin as an investment.