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Cryptocurrency Mass Adoption is Looming, Claims Overstock CEO

2 mins
11 November 2018, 01:00 GMT+0000
Updated by Adam James
19 December 2018, 09:50 GMT+0000
In Brief
  • The innate inefficiencies of the existing financial system will eventually promote cryptocurrency mass adoption.
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Bitcoin (BTC) was the talk of the town in 2017 and much of 2018, but we are still worlds away from achieving cryptocurrency mass adoption.
Retailers prefer to stay away from digital money. Ordinary people are intimidated by baffling technology. Institutional investors are wary of high volatility and lack of regulation. However, Bitcoin (BTC) was designed as an alternative to the current inefficiencies plaguing the traditional financial systems worldwide and may witness mass adoption once the existing economic system starts to crumble. At least, this is what Overstock CEO Patrick Byrne believes. In the recent interview with Bitcoin proponent Naomi Brockwell, Byrne compared the traditional financial system to a giant Ponzi scheme that would eventually collapse and pave the way to mass adoption for cryptocurrencies worldwide. He believes that people will turn to digital assets as shelter from political turmoil or nasty economic developments that undermine their ability to carry out international transactions. Indeed, hyperinflation in Venezuela is a prime example of Byrne’s argument. In June 2018, food prices rose by 183 percent. Zimbabwe also faced a shortage of bank notes in 2017, while Greece continues to struggle under a debt burden. Indeed, many cryptocurrencies offer a hedge against inflation and financial crisis, since they are not tied to any specific local currency and not subject to censorship and capital control measures. Furthermore, unlike gold, they are incredibly portable in case things get even worse and you have to flee a country.

Bitcoin is First, But is it the Best?

Patrick Byrne is a long-standing Bitcoin supporter as Overstock started accepting Bitcoin in 2014 and became one the first major retailers that allowed customers to pay with digital coins. However, he is not sure that Bitcoin will drive the next big cryptocurrency hype. Bitcoin (BTC) experienced a strong rally in 2017 and subsequently experienced an epic collapse in 2018, losing over 70 percent of its value from its peak of near $20,000. Recently, however, the largest cryptocurrency has enjoyed an extended period of stability, taking a step closer to solving the issue of price volatility that is often cited as one of the main roadblocks to its mass adoption. Do you think that a global financial system is about to collapse? Are you ready to switch to crypto? Let us know what you think in the comments below! 


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