Global Crypto Adoption Around the Corner According to Overstock CEO

Author: 
Horace B.
Date: 
November 08, 2018
Read time: 
2 minutes
Cryptocurrency
Adoption
Bitcoin

In a recent interview with YouTuber Naomi Brockwell, CEO of Overstock Patrick Byrne voiced his firm opinion on the matter of global cryptocurrency adoption and it’s key driving reasons. He didn’t wait long to call the current financial system a “magic money tree Ponzi scheme”, referring to it as one of the biggest causing factors of the increased adoption of cryptocurrencies. Since the infamous CEO isn’t a psychic or a wizard, he didn’t refer to specific cryptocurrencies but instead addressed the underlying blockchain technology instead.

In a recent interview with YouTuber Naomi Brockwell, CEO of Overstock Patrick Byrne voiced his firm opinion on the matter of global cryptocurrency adoption and it’s key driving reasons. He didn’t wait long to call the current financial system a “magic money tree Ponzi scheme”, referring to it as one of the biggest causing factors of the increased adoption of cryptocurrencies. Since the infamous CEO isn’t a psychic or a wizard, he didn’t refer to specific cryptocurrencies but instead addressed the underlying blockchain technology instead.

Byrne expects the likes of Syria, Venezuela, and Cyprus to be the first countries amongst many others to fully replace their dysfunctional financial systems and fiat currencies with the cryptocurrencies.

Patrick Byrne’s Concern Of Cryptocurrencies Going Global

Along with the positive insights for anyone pro-crypto, Byrne also voiced some of his concerns surrounding the mass adoption of cryptocurrencies globally. No business magnate praises cryptocurrencies without voicing a concern alongside the good words.

global crypto adoption

The Overstock CEO is rightfully concerned about the possible implications of potential negligence towards Know-your-customer (KYC) and Anti-money laundering (AML) regulations. While Byrne’s worries are valid and concern-worthy, his rash references to Kim Jong Un and anonymous finances worldwide didn’t revolve around the overall benefits, but rather the national security of the US. By all means, he is onto something as KYC and AML regulations are necessary to avoid a kind of chaos which we’ve been trying to prevent.

The Business Tycoon’s Overall Verdict

It is safe to say that Patrick Byrne is a man of extreme attention, considering the fact that Overstock was one of the first businesses to accept Bitcoin in January 2014. It’s refreshing to hear the opinions of an influential businessman on the approaching future of crypto adoption, whether you agree with him or not.

Patrick Byrne is obviously pro-cryptocurrencies as long as the correct regulatory measures are taken prior to the supposed mass adoption. He also voiced his worries about the entire underlying technology of cryptocurrencies belonging to China, but there is more to that. We can’t see Xi Jinping watching us on our laptop or mobile phone cameras due to mass crypto adoption any time soon. Well, depending on what you call soon.

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