Connect with us


Bitcoin [BTC] gives people a way to communicate and do things outside of central institutions, says Overstock CEO




Bitcoin [BTC] gives people a way to communicate and do things outside of central institutions, says Overstock CEO
Source: Unsplash

Patrick Byrne, CEO of Overstock spoke about the regulation of cryptocurrency and blockchain technology, in an interview with Noami Brockwell on Youtube.

The CEO started off by saying that he is concerned about the threats the country might face. He went on to speak about KYC and AML, which is currently being implemented by most of the leading exchange platforms. He stated that these policies are not meant to be “scoffed at”. Byrne further added that these policies were put in place in order to catch criminals. He said:

“We can take blockchain to the point where it really becomes anonymous. If you do that, there is going to be a lot of criminals and dangerous kind of people […] could e used for by bad actors to evade legitimate law enforcement”

Byrne further stated that he “loves” the idea of Bitcoin and other cryptocurrencies being decentralized and anonymous. However, he does not want people like Kim Jong-un being able to move money around the world without being spotted because of his bad intentions.

The CEO further spoke about whether the governments are becoming progressively worse as they get control over more technology. He also spoke about blockchain technology being used by governments for bad purposes.

He said there will be government surveillance as the world gets more digitized. Byrne added:

“We crypto anarchists want to remake society out of this technology. Is that going to work? Can we have an authoritarian state [China] own the underlying technology? That scares the hell out of me. If the underlying technology to our crypto revolution is made in China, it means ultimately Xi Jinping contrails the world”

Byrne went on to speak about the main barriers Bitcoin is facing to gain mainstream adoption, whether it was social barriers, technology or government barriers. He said that there is indeed social barriers, which are currently in the way of Bitcoin’s mainstream adoption. The most common stigma of the cryptocurrency is that people believe that it used for ecstasy or other drugs dealing, he said, however, the US dollar is also used for the same purpose.

In the government’s point of view, the CEO stated that they are “getting comfortable” with Bitcoin. He added that the western governments have started to understand that Bitcoin cannot be stopped. However, in authoritarian countries such as China have understood that if Bitcoin is not stopped now, then within ten years, it would be the end of their regime. Byrne added:

“So they have done a lot in the last nine months to it [Bitcoin]. They understand the power of blockchain but I think they’re quite afraid of the cryptocurrency movement. It gives people a way to communicate and do things outside of central institutions.”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand



'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.

Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.

Subscribe to AMBCrypto’s Newsletter

Continue Reading