Patrick Byrne, Overstock CEO, has invested millions in Bitcoins: Coindesk
Patrick Byrne, CEO of Overstock, has upped his ante and now has millions of dollars worth of bitcoins. He sure has been active in bitcoin.
Speaking to investors during Overstock.com’s fourth-quarter earnings call on 30th January, CEO Patrick Byrne revealed he now holds “several million dollars” in bitcoin, having recently invested in the currency.
Byrne retracted earlier statements that indicated both he and Overstock would not hold any bitcoin. The outspoken exec further freed his company to hold bitcoin on the call, stating that it is “no longer bound” by previous restrictions.
Notably, Byrne echoed statements made by executive vice president Jonathan Johnson at the New York Department of Financial Services (NYDFS) hearings this week, saying that Overstock is exploring ways to pay employees, suppliers and vendors in cryptocurrency.
“I think that we’ll be moving, making it optional for some of our colleagues to take some of their pay in bitcoin once that process is worked out, maybe take bonuses or something,” Byrne said.
Johnson suggested that the more bitcoin is used by Overstock’s consumers and suppliers, the more it will be able to bring additional savings to its supply chain.
Despite the boom in publicity, Overstock’s stock notably dropped by more than 20 percent after its fourth-quarter earnings announcement.
Bitcoin sales, which the company began processing after 31st December, were not factored into the report. It’s big first-day earnings will not be reflected until the end of first quarter 2014.