Bitcoin, blockchain VC investments are paying off: Overstock's Patrick Byrne

By Bitcoin FOXBusiness

Overstock.com's big bet on bitcoin technology

Overstock.com CEO Patrick Byrne on the online retailer's blockchain business.

Overstock.com (OSTK) CEO Patrick Byrne was an early supporter of bitcoin and blockchain, bitcoin’s underlying technology, despite continued skepticism of cryptocurrencies.

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“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 told FOX Business’ Maria Bartiromo in November.

Byrne has not only been outspoken about cryptocurrencies, but Overstock has offered financial support as well, by accepting bitcoin and investing in blockchain.

“We’ve been involved with blockchain for for years. We were the first company [worth] over a million dollars to take bitcoin, we were at $1.5 billion, we’ve been a very key player in the blockchain revolution,” Byrne told FOX Business’ Stuart Varney on “Varney & Co.”

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According to Byrne the company is not planning to get rid of its ecommerce roots.

“No, no, no, not at all, we love our business.”

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Byrne explained that the company is making money from the success of its wide-ranging investments in blockchain.

“The main event is, what’s happened is we created a group called Medici within Overstock, it’s a venture capital group run by a good friend of mine Jonathan Johnson. It’s a venture capital group that’s made 11 blockchain investments.”

One of the investments is the Bitt app, which is a mobile digital currency wallet that allows users to exchange digital currencies with their smartphones without a traditional bank account.

“It’s the leading business in the world. It’s blockchain meets central banking, it’s called Bitt.com, and it’s down in Barbados.”

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