Patrick Byrne: Bitcoin Supporter
Patrick Byrne is the CEO of Overstock.com, which was founded in Salt Lake City Utah. He tells Wired that a zombie apocalypse is coming, and that the only thing that could prevent it is bitcoin. Byrne says:
“Someday, either zombies walk the Earth or something close to that. Bitcoin is the solution.”
Perhaps it’s not a literal zombie outbreak Byrne is referring to, but we are going downhill on an economic slope.
Many leading economists believe bitcoin is flawed. However, Byrne is unique compared to most economists. He feels that his entire life has been leading to bitcoin.
The three-time cancer survivor embraces and conquers life’s hurtles and speed bumps. Recently, his company has accepted bitcoin payments for their online retail shop. Other online retailers like TigerDirect soon followed in Overstock’s foot steps. Byrne puts faith in bitcoin’s ability to protect and restore the economy. He is optimistic that other large online retailers like Amazon will hop aboard the bitcoin revolution.
Byrne is no stranger to corporate success. Byrne’s father, Jack Byrne, was responsible for improving the state of GEICO insurance. Patrick Byrne was also a protege of Wall Street’s most successful investor, Warren Buffet.
Byrne believes that the main issue with today’s economy is that it relies too heavily on big banks and the government, which create money not backed by anything besides themselves.
Banks are able to loan out more than they take in. This harms the economy by lending out more than what actually exists. In addition, the government can produce money at a whim, reducing a currency’s value.
With bitcoin, their is monetary control through a worldwide network using personal computers. The BlockChain is visible to the public, allowing each bitcoin to be traced. Byrne applauds bitcoin since people are in control of it instead of a set agency or group of officials:
“We want a money that some government mandarin can’t just whisk into existence with a pen stroke.”
Money won’t be the only thing bitcoin could change for the better. Byrne thinks that Wall Street can have a major boost in the way business is conducted, putting an end to corruption.
The world needs more business-savvy people to back bitcoin. They will help to generate interest to the mainstream if major companies and investors introduce bitcoin as a way to improve the economy. Patrick Byrne is willing to engrave his name in support of bitcoin, and so should others who have the power and money to do so.
The economy has become rotten due to our current monetary structures. It’s about time we gave something new a chance, and bitcoin fits the role perfectly.
Click for Photo.