Patrick M. Byrne, CEO of overstock.com, has been an advocate for bitcoin and the technology behind it for years. Patrick M. Byrne believes the world needs decentralization and the freedom which blockchain technology brings.
Back in 2014, overstock.com became one of the first major retailers to accept bitcoin payments. Since then other cryptocurrencies have also been added to their website including Litecoin and Ether. Ever since this, the Overstock Inc stock has been following the price of bitcoin with high precision.
Byrne has a history of fighting against the shady business practices and manipulation that occurs within the current financial system.
Today in an interview with Vice News, Byrne was asked what his initial thoughts about bitcoin were when he first discovered it.
When I first heard of bitcoin it reminded me of my feelings about gold, and so I liked it
He also added that he distrusts the idea of central banking, which explains why he chose his company Overstock to go public through an open Dutch IPO.
Even though Byrne has adopted cryptocurrencies and in no way is against them, he does still see the blockchain technology behind them as the most crucial aspect. He calls the technology a magical ledger that can contribute to weakening the power of major centralized institutions. For this reason, Byrne has made it his mission to make blockchain a mainstream technology around the world.
Full video from Vice News