Overstock CEO Rejects Paul Krugman’s View On Bitcoin

Overstock CEO Rejects Paul Krugman’s View On Bitcoin
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Overstock.com, Inc. (NASDAQ:OSTK) CEO Patrick Byrne yesterday talked about Bitcoin and Paul Krugman’s opinion on the virtual currency in an interview with Kurt Wallace of Rare talk radio. On December 28, Nobel prize winning economist Paul Krugman said that Bitcoin is evil. Citing Charlie Stross, Krugman said that Bitcoin seems to be a weapon designed especially to ruin the central banking system and money issuing banks. It will destroy the state’s ability to monitor financial transactions of its citizens and collect taxes.

Overstock CEO wants central banking system to collapse

In contrast, Overstock.com, Inc. (NASDAQ:OSTK) sees Bitcoin as the future of currency. The Salt Lake City-based online retailer recently started accepting Bitcoin as payment. The company sold goods worth $130,000 by accepting the virtual currency. Overstock.com, Inc. (NASDAQ:OSTK) CEO Patrick Byrne believes that even Amazon.com, Inc. (NASDAQ:AMZN) will soon start accepting the virtual currency.

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During his interview, Byrne said that Paul Krugman has done plenty of great work in the past before he went crazy about a decade ago. The Overstock.com, Inc. (NASDAQ:OSTK) CEO blasted Krugman over his “unethical” involvement in the collapse of Enron. He is against Krugman’s view that “freedom failed, so the country needs more control” and “the market has failed, so we need more government.” Byrne hopes that Bitcoin one day destroys the central banking system.

Overstock vs. IRS: who wins?

Overstock.com, Inc. (NASDAQ:OSTK) CEO says that the government authorities and economists are afraid of Bitcoin because the IRS doesn’t know how to tax it. They can’t tax it because they can’t control it. The Internal Revenue Service has never said anything meaningful about Bitcoin. The National Taxpayer Advocate (NTA) recently said that the tax treatment of Bitcoin will be the most serious problem for the IRS this year.

In the past, many federal authorities have hinted that they may legitimize Bitcoin to bring it under the regulatory umbrella. Overstock.com, Inc. (NASDAQ:OSTK) is the biggest and most mainstream organization to accept Bitcoin as a legitimate payment. In the war of words between Paul Krugman and Overstock.com, Inc. (NASDAQ:OSTK), only time will tell if there’s a clear clear winner.

Overstock.com, Inc. (NASDAQ:OSTK) shares closed Wednesday at $28.66.

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