Overstock CEO: Bitcoin is space cash, maybe even better than gold

Overstock.com CEO Patrick Byrne is an avid Bitcoin supporter who has even launched his own startup, T0, in an effort to disrupt Wall Street. In a recent interview, Byrne discussed the unique advantages of Bitcoin and blockchain.

In the world of Bitcoin, Byrne is well-known because his Overstock.com was one of the first major companies to accept Bitcoin payments. Byrne is also controversial for his personal political views. Recently, he launched his own blockchain startup T0, hoping to issue securities through blockchain technology to attract Wall Street.

Taking Advantage of Blockchain

In an interview with ReasonTV, Byrne discussed his health, startup T0, Bitcoin and blockchain technology, and more.

Byrne revealed that he has completed his recuperation and is as healthy as ever. When asked why he likes Bitcoin so much, he said that he believes in freedom, and that with Bitcoin, no government can control it.

Byrne went on to say that Bitcoin is similar to gold, or even better than gold.

“Gold is going to be obsolete because it’s not digital. Bitcoin seems like the next best thing, and maybe it’s better than gold because you can send it across the galaxy. As they call it in South Park, space cash.”

Byrne also talked about his company Overstock, which converts 90% of the Bitcoin funds it receives into U.S. dollars (in order to pay suppliers) and then keeps the remaining 10% in Bitcoin. Some employees choose to receive Bitcoin as bonuses, which Byrne believes can further encourage Bitcoin adoption.

Speaking of the advantages of Bitcoin and blockchain, Byrne explained that for thousands of years, humans have been using currency to trade goods, buy land, etc. This business model has created a market for third-party trusts, such as the central banking system.

Blockchain, on the other hand, eliminates the need to rely on a third party, and allows people to conduct transactions in a trustless manner (without an intermediary), which Byrne calls a "consensual transaction between the two parties."