The founder of Overstock, Patrick Bryne has announced his exit from retail business to focus on blockchain. He firmly believes that it is a disruptive technology that can change the world.
Bitcoin (BTC) Price Today – BTC / USD
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In an interview with Fox Business, he said,
“The blockchain revolution has a greater potential than anything we’ve seen in history… It’s bigger than the Internet revolution, how it’s going to restructure society.”
Bryne doesn’t care about the daily price changes
When asked how he can remain optimistic despite the recent price plunges, he said he doesn’t care about the daily changes of price.
He said that focusing on the daily price changes is losing sight of the forest for the trees. In 2014, he announced that he wanted to move from retail to blockchain. Since then, he has been making some progress. He has been involved in several ventures, one of which involves a $6 million open source investment. It is a blockchain based social network called Minds.
The social network is a blockchain based alternative to popular networks like Twitter, Facebook and Youtube. It promises strict privacy for users without any censorship.
What should we expect in 2019?
Bryne says next year will be a trailblazing year for the industry as a whole.
He said,
“Next year is when you will see blockchain really start coming out with products into the world… You’ll see blockchain products in Q1.”
When asked about his expectation for the coming year, he said,
“You’ll be able to trade security tokens. There’s a whole new class of securities coming into existence called security tokens.”
Tokenizing every stock
Bryne recalled the prediction of Robert Greifeld, the chairman of Nasdaq in 2017 that all stocks and bonds on Wall Street today “might be” tokenized. He promises, “In five years, everyone will be tokenized”.
He also added, “The architecture of Wall Street as we know it is going to be depreciated over five years and replaced with security tokens. If that’s true, we built…the New York Stock Exchange of that world. We spent the last four years and $100 million building it.”
Why a security token trumps a stock
Bryne believes that security tokens are superior to stocks because of complete transparency for regulators, 90 percent lower friction costs and Immunity from market manipulation.
He conceded that one major drawback of mining BTC is its high cost. However, his companies have started a project known as raven coin that offers a different energy profile.
‘Bitcoin Is Bigger Than the Internet’– Tim Draper
Patrick Bryne mirrors the enthusiasm of Tim Draper in his exuberance for the crypto technology. Draper recently reduced his BTC price prediction for the year 2022.
Earlier in April, Draper said bitcoin is “bigger than the Internet.” He believes that it will be bigger than Tesla, Skype and Hotmail combined.
“This is bigger than the Internet,” Draper said. “It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world, and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper is still a bitcoin bull and is unfazed by the recent crash in the market. He is confident that the economy will transition to crypto fully on a global scale.
“It’s going to be better for people,” he said. “They’re going to move to crypto, and they’re going to go away from the political currency (fiat). That’s the way it’s going to move.”
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
