Published On: Tue, Nov 21st, 2017

Overstock CEO Patrick Byrne – It’s About Time The World Switches to Real Money Either Bitcoin or Gold

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The Overstock CEO evangelized Bitcoin on Fox Business’s Mornings With Maria, claiming money has to be backed by something whether it will be Gold or Bitcoin.
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Overstock.com CEO Patrick Byrne explained yesterday why he’s optimistic about Bitcoin, during an appearance on FOX Business’ Mornings with Maria. With hosts keen to point out Bitcoin’s monumental rise as a potential bubble, Byrne instead identified the US dollar as an equally dubious store of value.
You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the U.S. Treasury of which I assert there is zero … It’s about time the world switches to real money. Either gold or bitcoin.
Byrne’s points are certainly valid, the 2008 credit crunch and ensuing financial panic which spread around the globe could rightly have been seen as the death knell of capitalism, its failure creating the very sentiment from which Bitcoin was originally born, as a new, …

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