Last week brought[1] more controversial news about Overstock.com, the first major retail company to accept Bitcoin as a payment option in 2014. The company decided to pull its secondary stock offering due to its continuing falling share price, while Patrick Byrne, Overstock.com’s CEO, had previously mentioned[2] that he considered selling the retail giant. Furthermore, Robert Hughes, Senior Vice President of Finance and Risk Management at Overstock resigned[3] from his position to join a Blockchain venture that also involves Byrne.
Byrne has been an advocate for Bitcoin and Blockchain practically since day one, creating a strong reputation for himself in the cryptocurrency community. Now, when the pioneer of adoption seems to be going through some turbulence, it is important to refresh our memory about the intense relationship between Overstock and Bitcoin.
Overstock’s early days and Byrne’s war against Wall Street
Byrne founded Overstock.com in 1997 and launched it in May 1999. Initially, the company operated as an online marketplace that sold surplus merchandise, liquidating the stock of failed dot-com companies at below-wholesale prices. These days, Overstock.com continues to sell closeout merchandise including home decor, furniture, bedding, and other goods, but it offers brand new stock as well.
Essentially, Byrne kicked off his business by capitalizing on 90’s hysteria and the subsequent wave of dot-coms that abruptly went bankrupt. His company turned those domains into suppliers by offering to sell out their inventory.
Overstock’s CEO never shied away from voicing his criticism of Wall Street and mainstream finance. Byrne’s war with the most influential financial entities of the US has been continuing for more than a decade. It ties into his views on power as a whole — being a follower of the Austrian school of economics, Byrne believes[4]
