Former Overstock CEO Byrne drops USD 90 million into gold and cryptocurrencies

Rajan Dhall, MSTA FX Daily

After resigning as the CEO of Overstock a few weeks ago. CEO Patrick Byrne has had a turbulent few weeks. The former chief executive sold his large stake in the company and blamed the Securities and Exchange Commission, which he referred to as “the Deep State’s pets.”. The "digital dividend" that Byrne left after his departure could only be accessed through Overstock's blockchain-based exchange and required the holder to retain the asset for 6 months.

Byrne stated that he sold his shares due to lack of confidence in the company was "wrong" and said he would be using his newfound wealth to invest in gold, silver and two unnamed cryptocurrencies as a "hedge" against the economy failing. He also promised that if Overstock failed due to the broader economy struggling, that he would use his gains from his hedges to recapitalize the company.

So it seems he is quite the character. Is this a small mid-life crisis? or he could have a point. He has clearly made a move into being more of an anti-establishment kind of guy and it is nice to know he supports the cryptocurrency movement.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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