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Thursday, November 8, 2018

Overstock.com CEO calls monetary system a "Ponzi scheme" - says people will turn to crypto when "when their own financial systems collapse"...

Overstock.com CEO calls traditional monetary system a  "ponzi scheme" - says people will turn to crypto when "when their own financial systems collapse"...

While a guest on cryptocurrency Youtuber Naomi Brockwell's show, the Overstock CEO Patrick Byrne said:

“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse. So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.”

Byrne is a long time cryptocurrency supporter - and that's why Overstock has always been ahead of the trend - they began accepting bitcoin back in 2014, before most of the public had even heard of it.

You can listen to his full interview here.

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Author: Justin Derbek
New York News Desk