The CEO of a rival to eCommerce giant Amazon expects that cryptocurrency will be adopted around the world as established financial systems collapse.
Overstock boss Patrick Byrne likened the present system to a Ponzi scheme in an interview with crypto YouTuber Naomi Brockwell.
“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that,” Byrne, whose platform began accepting bitcoin back in 2014, said.
“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.”
The value of Bitcoin and other cryptocurrencies has spiked in the last 24 hours. At the time of writing Bitcoin stands at $6,525, up from an average of around $6,435 yesterday, following a rapid climb then period of evening out.
The notoriously volatile Bitcoin is enjoying its most stable period in two years. However Byrne is not convinced that Bitcoin will emerge as the dominant digital currency.
“Whether bitcoin is the one – whether it has solved its speed problems or it’s [just] another cryptocurrency – only time will tell,” Byrne added.