The founder of Overstock, Patrick Bryne, announced his exit from the retail trade to focus on the blockchain. He firmly believes that it is a disruptive technology that can change the world.
Bitcoin (BTC) Price today – BTC / USD
In an interview with Fox Business, he said,
"The blockchain revolution has greater potential than anything else we've seen in history … It's bigger than the Internet revolution, how it will restructure society."
Bryne does not care about the daily price changes
When asked how he can remain optimistic despite the recent price collapse, he said he does not care about the daily price changes.
He said that focusing on the daily price changes is losing sight of the forest for the trees. In 2014, he announced he wanted to switch from retail to blockchain. Since then, he has made progress. He has been involved in several initiatives, one of which concerns a $ 6 million open source investment. It is a blockchain-based social network called Minds.
The social network is an alternative blockchain to popular networks like Twitter, Facebook and Youtube. Promises strict privacy for users without censorship.
What should we expect in 2019?
Bryne says next year will be a pioneering year for the industry as a whole.
"You'll see Blockchain start producing products in the world next year … You'll see the blockchain products in Q1".
Asked about his expectations for next year, he said,
"You will be able to exchange security tokens. There is a new class of titles that is called a security token".
token creation every action
Bryne recalled the prediction of Robert Greifeld, president of Nasdaq in 2017, according to which all the shares and bonds on Wall Street today "could be" made token. Promises, "In five years, everyone will be tokenized".
He also added, "The architecture of Wall Street as we know it will be amortized over five years and replaced with a security token. If it's true, we've built … the New York Stock Exchange of that world. We have spent the last four years and $ 100 million building it".
Because a security token passes a stock
Bryne believes that security tokens are higher than stocks due to complete transparency for regulators, 90% lower friction costs and immunity from market manipulation.
He admitted that one of the main drawbacks of the BTC extraction is its high cost. However, its companies have started a project known as crow's coin that offers a different energy profile.
& # 39; Bitcoin is bigger than the Internet & # 39;– Tim Draper
Patrick Bryne reflects the enthusiasm of Tim Draper in his exuberance for crypto technology. Draper has recently reduced its forecast of BTC prices for the year 2022.
In early April, Draper said that bitcoin is "bigger than the Internet". He believes he will be bigger than Tesla, Skype and Hotmail put together.
"This is bigger than the Internet", Said Draper. "It's bigger than the iron age, the Renaissance, it's bigger than the industrial revolution, it's about the whole world, and it's going to be more quickly and more widely influenced than you've ever imagined".
Draper is still a bitcoin and is not surprised by the recent incident on the market. He is confident that the economy will go to the crypt completely on a global scale.
"It will be better for people, "he said." They will move to the crypts and they will leave the political currency (fiat). This is the way it will move".