3% of Profits to Be Used to Spread Bitcoin Adoption Says Overstock CEO Patrick Byrne

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3% of Profits to Be Used to Spread Bitcoin Adoption Says Overstock CEO Patrick Byrne
3% of Profits to Be Used to Spread Bitcoin Adoption Says Overstock CEO Patrick Byrne

3% of Profits to Be Used to Spread Bitcoin Adoption Says Overstock CEO Patrick Byrne

Overstock CEO Patrick Byrne is participating in the Beltway Conference and on the occasion, addressing the audience he said that his company has a plan to donate “3% of all Overstock Bitcoin sales” to organizations working to promote cryptocurrency around the world. This definitely shows his concern for the digital currency and how much his organization cares it.

In his keynote address at Saturday’s Bitcoin in the Beltway conference Patrick Byrne said that Overstock has become the first major company to accept Bitcoin payments. He admitted that though he was quite cautious about the outcomes of the announcement, he was pleasantly surprised by the enthusiasm shown by the customers.

Patrick Byrne was the most awaited speaker at the Beltway conference and he did not disappoint the audience. He not just quoted the biblical prophet Daniel’s statement to Babylonian King Nebuchadnezzar but also showed to the audience that the roots of classical liberalism go to ancient times.

According to him liberalism has reached to the new heights with the creation of cryptocurrency, particularly Bitcoin. He does not believe that the only way cryptocurrencies could truly compete with Bitcoin was if they offered a superior technical feature. At the same time he admitted that the core Bitcoin code contains a lot of “slop,” which could cause potential logistical problems.

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Twenty Years from Now, None Would Know If Any Currency than Bitcoin Existed
The optimism and confidence was at the highest level when Patrick Byrne said that in 20 years no one would remember that any currency other than Bitcoin existed. When he was asked by a person in audience whether a select number of popular altcoins would serve as competing currencies, he replied that he does not think it is going to happen.

Patrick Byrne has ambitious plans for his company. He said that currently his company sells products with Bitcoin for the US customers; however, he is planning to bring Overstock Bitcoin transactions to international customers by September of this year. Additionally, he hopes to soon pay employee bonuses with Bitcoin.

He says that the company may decide to give employees the option to receive part or all of their salary in Bitcoin. A lot of what Patrick Byrne talked at the Beltway Conference had similarities with what he said during his presentation at Bitcoin 2014 in Amsterdam; however, there are some refreshing points as well.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com