Overstok CEO Considers Bitcoin As The Solution After The Collapse of The Financial System
During a conversation with Naomi Brockwell, Parick Byrne, CEO of Overstock, talked about the cryptocurrency market, Bitcoin and regulations in the space. He started talking about how individuals in the market are starting to pay attention to KYC and AML.
However, he says that it would be very negative for the space to have a completely anonymous virtual currency. However, he said that he would like to see a completely anonymous system, but it would not be good for the entire ecosystem. Bad actors need to be controlled and regulated.
Byrne has also talked about the benefits of blockchain technology and also about the negative sides of it. He mentioned that if the blockchain revolution is planned in China, then, the intention would be to control citizens and what they do, and this is something that is clear not good for the whole ecosystem.
At the same time, Byrne spoke about the government describing Bitcoin as a Ponzi scheme. He said that the United States pretends that the US dollar is real, but this is not the case. Byrne explains that the money that is loaned by the Federal Reserve to the United States is fake money.
About it, he mentioned:
“We can all dispute any dollar is real but we have agent in our society who’s been given a special patent a special privilege, they get a loan, our governments fake money, they have a checking account with zero in it that they write checks on to buy Treasury bonds and by law those checks don’t bounce.”
He went on saying that, in a sense, dollars aren’t real. He said that he would love to create fake money loan at the US government and ask to pay back with real dollars.
Byrne has also talked about the barriers for Bitcoin adoption. There are social barriers that are going to become lower for people to enter the market. There is a stigmatization about Bitcoin in general and the government is comfortable with it. He mentioned that in China they stopped Bitcoin because they realized that in ten years it could be the end of the regime.
He mentioned that in Venezuela and Syria, countries with deep financial crisis, Bitcoin is growing among the society. As soon as the financial system collapses, people would turn into this virtual currency.