Overstock CEO Backs Bitcoin - NBC Bay Area

Overstock CEO Backs Bitcoin



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    Overstock.com CEO Patrick Byrne says Bitcoin is the way to avoid the next recession.

    He drives a Tesla. He's a big-time tech CEO.

    And yes, of course, Overstock.com CEO Patrick Byrne is backing Bitcoin.

    In an interview with WIRED, Byrne outlines his plans to "place an enormous bet on bitcoin," according to the tech magazine.

    Overstock is soon to accept payments for goods via the Internet-based crypto-currency. But that's not all the 51-year old Byrne -- who holds a PhD in philosophy, has fought Wall Street for years, and is otherwise not exactly marching to either the step of finance or of Silicon Valley -- is thinking about.

    He's worried about the zombie apocalypse.

    What he means is another recession, he told WIRED, one that could only be averted by investing heavily in bitcoin, which is not tied to any central bank. Or any bank.

    Banks, he told WIRED, can loan out more money than they take in through deposits. Bitcoin, which so far does not have a secondary market of credit or securities that's also traded, can't do that.