Overstock CEO: Bitcoin is more powerful than fiat

posted 12 months ago
Overstock.com CEO Patrick Byrne explained why he’s optimistic, during an appearance on FOX Business’ “Mornings with Maria.”

“It’s about time the world switches to real money. Either gold or some cryptocurrency like Bitcoin.”

Overstock was the first major online retailer to use bitcoin and is still among a handful of companies that are using it. Others include Expedia, Dish Network and Starbucks by way of the Fold app.

However Bryne said: “The real question is not how high can Bitcoin go. The real question is how low can fiat currency go—and at the end of the day all fiat currencies have gone to zero and that’s because they end up with irresponsible money printing.”

In Byrne’s opinion, Bitcoin has potential.

“We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies but all of them have gone down 95% ... versus something that they can’t control like … gold and Bitcoin. So Bitcoin may be on its way to a million for all we know.”
Tags: opinion, bitcoin