Patrick Byrne, CEO of Overstock, has revealed his opinion that a financial collapse is imminent and that it will be the final push for global crypto adoption. Byrne cites Venezuela as a case study where a collapse of the fiat financial system has already facilitated crypto adoption. Bitcoin trade volume and DASH usage have increased drastically in Venezuela following the devaluation of the bolivar.
Overstock CEO on the imminent financial collapse
The interview took place with crypto youtube interviewer Naomi Brockwell and Byrne was blunt in his appraisal of the current fiat infrastructure –
“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. Now, whether Bitcoin is the one, whether Bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell.”
What is interesting about his position is that Byrne is pro-KYC and AML policies, viewing them as necessary to national security. Typically, libertarians are very much anti-government in all respects and want a complete replacement of centralized operations. The Overstock CEO refers to himself as a “national security libertarian”, which is a very unique (and rare) position to adopt. Overstock is a major US retailer and has been accepting BTC since 2014, making it among the first large companies to accept crypto.
Cryptocurrency the way forward for a globe in decline?
The Overstock CEO is not the first to voice concerns about a global collapse, and these concerns have been raised for decades, going back to the day the US dollar was unpegged from gold in 1971. However, it does seem that a critical point is being reached. It is becoming impossible to ignore the collapse of the financial system and the meltdown of countries such as Turkey and Venezuela. Argentina could be the next domino to fall and these collapses are the symptoms of the current infrastructure.
It is no secret that cryptocurrency is the way forward as an everyday means of exchange for goods and services, and this is already quite prominent in countries such as Estonia. The pivotal question is whether the public will be fooled into accepting fake cryptocurrencies such as stablecoins (which are arguably even worse than fiat) or whether truly decentralized cryptocurrencies such as Monero and Bitcoin gain widespread usage. These coins are being marginalized by large institutions for obvious reasons as they develop their own centralized alternatives.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.