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“There are all afraid of Bitcoin!” An interview with Patrick Byrne on Dimon and China
Editorial Team

If you looked for an interesting discussion, this from Patrick Byrne, Overstock CEO, would be one of a kind.

Byrne’s interview for Fox Business reveals the fear of bankers and governments like the Chinese one about the Bitcoin as a decentralized currency and its underlying technology. The discussion inevitably went around the recent statement of Jamie Dimon, who labeled bitcoin “a fraud” and the ban of bitcoin exchanges in China.

He replied:
“China is taking a position just like Jamie Dimon, where they have come out and said “Oh, suddenly they (Dimon and China) are all afraid of it.”

And he went on:

“The guys who belong to this financial world of debt-based, fiat-money, central-banking Keynesian spending – this magic money tree they all grew up in – they don’t like a form of currency that cannot be controlled by a government. What a surprise!”

TV hostess Maria Bartiromo insisted on Dimon’s previous statement about Bitcoin. Dimon said that if a JPMorgan trader began trading in Bitcoin, he would fire him in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.

Byrne, who has known Dimon for the past 20 years, characterizes him as “a good guy”, chose to mention viewers of Dimon’s shareholder letter from 2015 when the banker stated Bitcoin startups and others from Silicon Valley were coming “to eat our lunch.”

“He was scared to death of it.” Byrne added. “I think what they bought was what they could get in front of it, and they’re realizing they can’t do that.”

It’s notable that Overstock became one of the earliest companies that accepted Bitcoin back in 2013, as CCN reported. By the end of 2014, orders worth over $3 million in bitcoin have been processed by Overstock. And since 2015, company’s employees have the choice to be paid in Bitcoin.