Overstock.com CEO Patrick Byrne is a vocal Bitcoin proponent, even launching his own startup T0 to disrupt Wall Street. In a recent interview, Byrne discussed both Bitcoin and blockchain’s unique advantages.
Patrick Byrne is a well known influential person within the bitcoin world, since his company Overstock.com was one of the first companies to accept bitcoin as a payment method. Byrne is also a controversial figure for his political views. Most recently, he launched the blockchain based startup T0, which looks to take on Wall Street by issuing securities on blockchain technology.
Byrne has a track record — in 2005, he grabbed the spotlight by running a campaign against illegal naked short selling.
In his newest venture, Byrne is trying to make people aware of what’s wrong with the modern political party system, highlighting that there is more than a two-party system of Republicans and Democrats. Byrne has also funded and features in the documentary Rigged 2016, now available for free online viewing.
Taking Advantage of the Blockchain
Byrne said he is back from medical leave, and healthy as ever. When asked about why he likes Bitcoin so much, he said that he is “philosophically pro-freedom” and supportive of the idea that there is a form of money that no government can create on a whim.
Byrne went on to say that compared to gold, Bitcoin is the next best thing, quite possibly even better.
Byrne also talked about Overstock, his company converts 90% of bitcoin back to dollars [in order to pay their suppliers], and accumulates the other 10%. Some employees are paid their bonuses in bitcoin, which he says further encourages adoption.
Bitcoin is Part of a Bigger Picture
Speaking about the advantages of bitcoin and the blockchain, Byrne explained that for thousands of years mankind has been trading money for goods — buying land, and so forth. This business model according to Byrne has created the market for third-party trust, such as the central banking system.
Using the blockchain removes the need for a third-party dependency, allowing people to trade with each other in a trust-less fashion (with no intermediary); Byrne calls this “consensual exchange.”
You can watch the entire interview with Patrick Byrne on YouTube.