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Overstock founder and CEO Patrick Byrne is exiting the retail business so he can focus on blockchain because he believes it’s a disruptive technology that will transform the world.
“The blockchain revolution has a greater potential than anything we’ve seen in history,” Byrne told Fox Business on Nov. 26 (video below). “It’s bigger than the Internet revolution, how it’s going to restructure society.”
Fox Business host Stuart Varney — an alum of the London School of Economics — asked Byrne how he can be so optimistic when cryptocurrency prices have plunged recently.Byrne: I Don’t Care About Daily Price Changes
Byrne said focusing on the minutiae of bitcoin’s daily price movements is losing sight of the forest for the trees. “What coins are doing on any given day is silly,” he quipped.
Byrne announced in 2014 that he wanted to pivot from retail to blockchain, and has been making huge progress on this front. “We now have very interesting positions in 19 blockchain companies,” he said.
One of those ventures involves a $6 million investment in an open-source, blockchain-based crypto social network called Minds.
As CCN reported, Minds is a blockchain-based alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and absolutely no censorship.
Patrick Byrne said 2019 will be a groundbreaking year for the industry.
“Next year is when you will see blockchain really start coming out with products into the world,” he said. “You’ll see blockchain products in Q1.”
When asked what we can expect to see in 2019, Byrne replied: “You’ll be able to trade security tokens. There’s a whole new class of securities coming into existence called security tokens.”‘Every Stock Will Be Tokenized’
Byrne recalled that Rober...