Overstock CEO, Patrick Byrne, thinks that digital currency could witness a mass adoption. His confidence came from his belief that the modern financial system is nothing but a giant Ponzi scheme and felt confident that it will ultimately collapse. He pointed out those nations such as Venezuela has already been witnessing virtual asset adoption and demonstrated how a fresh model will evolve itself.
During an interview with media, Byrne said,
“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse. 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.”
Overstock CEO referred to bitcoin and sought to put to rest that only time could tell whether bitcoin has solved its speed or any other digital currency issues. Referring to the regulation, Byrne stressed the importance of know-your-customer, as well as, anti-money laundering requirements and believes that this could keep criminals at a distance. Significantly, Overstock is one of the first major retailers that started to accept the most valuable coin since 2014.
Worried About Security
Byrne admitted that there are threats to his country even as some people branded him as a revolutionary person while a few others regarded him as a national security libertarian. At the same time, he is also worried about the threats coming from the emerging asset class. That is the simple reason why he is favoring KYL and anti-money laundering and doesn’t want to ridicule them.
He is not the only person to say that the modern financial system is a Ponzi scheme. There were already others who are voicing similar concerns in the past. For instance, the head has likened cryptocurrencies to Ponzi schemes. Significantly, bitconnect indicated early this year that it was forced to down the shutters following the accusation of running a Ponzi scheme. Therefore, Byrne comparing crypto with Ponzi schemes are nothing new.