Overstock was the first e-tailer to accept Bitcoin back in 2014 even though Bitcoin was not as popular as it is in today’s time. It looks like Overstock viewed Bitcoin as a long-term decision.
The CEO of Overstock Patrick Byrne spoke to Naomi Brockwell who is a known cryptocurrency Youtube personality. He explained his outlook on Bitcoin and the future of it. He said-
“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.”
Byrne touched on the potential for cryptocurrencies given that barriers will be lowered in the future for people to be part of the digital currency market. He gave an example of how China banned Bitcoin due to the fear of Bitcoin having the powers of ending the Chinese regime in 10 years time.
However, he could not confirm if it was Bitcoin or any other cryptocurrency which will end up being the dominant adoptive coin chosen.
Sentiments of the world being a Ponzi scheme and being in a path to a dangerous situation financially from Overstock’s CEO Parick Byrne follows Irwin M. Stelzer’s viewpoints expressed in August 2018. Stelzer said –
“If unlimited borrowing, financed by printing money, were a path to prosperity, then Venezuela and Zimbabwe would be top of the growth tables,” said Stelzer.
No wonder 24 hours after Patrick’s comment on Bitcoin, Bitcoin jumped by 2%. While Bitcoin Cash and Ethereum, the latest cryptocurrencies to be added as payment options in Overstock rose by 1%.
Overstock is known as Amazon’s prime competitor in the United States and thus accepting Bitcoin, and other cryptocurrencies have surfaced as the long-term potential of cryptocurrencies for e-tailers.
Image Source – Flickr