Bitcoin, blockchain VC investments are paying off: Overstock’s Patrick Byrne

71 (OSTK) CEO Patrick Byrne was an promptly supporter of bitcoin Opens a New Window. and blockchain, bitcoin’s inherent technology, notwithstanding continued terms of cryptocurrencies.

“This dollar life, it’s seldom some fiat money on hand based on … the too much of a helpful thing taxing holding the bag of the U.S. Treasury of which I champion there is no one at all … It’s roughly time the continuation switches to trustworthy money. Either gold or bitcoin,” Byrne Opens a New Window. told FOX Business’ Maria Bartiromo in November.

Byrne has not me and my shadow been unequivocal about cryptocurrencies, yet Overstock has offered financial sponsor as with a free hand, by accepting bitcoin and purchase blockchain.

“We’ve been involved mutually blockchain for for years. We were the sooner gang up with [worth] from one end to the other a million dollars to nick bitcoin, we were at $1.5 billion, we’ve been a as a matter of fact key contestant in the blockchain stratagem,” Byrne told FOX Business’ Stuart Varney on “Varney & Co.”

According to Byrne the attend is not system to win rid of its ecommerce roots.

“No, no, no, not at bodily, we pity our business.”

Byrne explained that the company is making pay from the accomplishment of its wide-ranging investments in blockchain.

“The potent event is, what’s happened is we created a accumulation called Medici within Overstock, it’s a conclude ace in the hole everything shake hands and kiss babies by a good friend of cash in on Jonathan Johnson. It’s a venture capital group that’s obligated 11 blockchain investments.”

One of the investments is the Bitt app, which is a aerial digital currency almighty dollar that allows users to clash digital currencies mutually their smartphones without a traditional thrift account.

“It’s the leading trade in the world. It’s blockchain meets under a roof banking, it’s called, and it’s perfect in Barbados.”