Major Amazon rival is predicting a revolution for cryptocurrency

The major US online retailer that’s continuing to bang the cryptocurrency drum…

Whilst Amazon is the dominant online shopping destination in many places around the world, that doesn’t mean it’s without competition. In the US, one of the companies aiming to help itself to some of Amazon’s business is long-time rival Overstock.

Overstock – whose breadth of product lines also helps with the Amazon comparison – has been keen to embrace cryptocurrency. So much so that it first accepted Bitcoin as a payment option back in 2014, long before many were even aware as to what it was.

Since then, Overstock has continued to pursue cryptocurrency options, and the CEO of the firm, Patrick Byrne, is clearly a driving force behind that. In an interview with Naomi Brockwell on her YouTube account, Byrne has been doubling down on his view that cryptocurrency has a bright future.

“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that”, he noted. “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”.

Not necessarily Bitcoin, though. Whilst Overstock embraced the currency early, Byrne has an open mind as to which crypto will bubble to the top. He noted that Bitcoin has residual speed problems it needs to get on top of to really break through into the mainstream. But whichever prevails, it’s very likely that Overstock for one will be supporting it.

The interview can be found here.

Image: BigStock