After resigning as the CEO of Overstock, Patrick Byrne says he’s selling $90 million in company shares and plans to invest it in gold, silver and “two flavors of crypto.”
Byrne revealed his decision to leave the company last month, 10 days after publishing a press release stating he helped the “deep state” with its investigation into Russian interference in the US 2016 presidential election.
The press release, a cryptic missive entitled, “Overstock.com CEO Comments on Deep State, Withholds Further Comment,” triggered a 36% sell-off in Overstock stock by its shareholders.
Co-founder of Morgan Creek Digital and Bitcoin bull Anthony Pompliano says Byrne’s big investment in crypto is a new sign that influential players are starting to place bets on the emerging industry.
He says Byrne’s multi-million dollar investment will either be celebrated or ridiculed in 10 years.
Former Overstock CEO Patrick Byrne sold his stake in the company, nearly $90 million, over the last few days so he could put it all in gold, silver, and Bitcoin.
He’ll either be celebrated or ridiculed 10 years from now.
Big time players make big time plays.
— Pomp 🌪 (@APompliano) September 19, 2019
In a new blog post, Byrne says the big shift in his portfolio is largely a hedge against a potential recession.
“…it may give you some comfort to know what I am doing with the capital generated by the sale of my stock: after paying tens of millions in taxes (after all, ‘We didn’t build that,’ right?) by Friday the rest will be in investments that are counter-cyclical to the economy: Gold, silver, and two flavors of crypto.