Overstock CEO Patrick Byrne resigns

The CEO of Overstock (NASDAQ: OSTK), Patrick Byrne, who has openly supported Bitcoin, announced his immediate retirement.

Although the entrepreneur has not mentioned about his future endeavors, he mentioned in his letter that “the blockchain revolution will reshape key social institutions.” Hinting towards the company’s inclination on blockchain, he further added,

“We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionize identity, land governance (= rule of law = potential = capital), central banking, capital markets, supply chains, and voting.”

Crypto advocate Anthony Pompliano also tweeted regarding the incident, crowning Byrne as the “only verbal supporters at the helm of a public company.” Moreover, crypto enthusiasts are optimistic about the fact that other crypto ventures such as tZERO will receive the much needed attention and deliver real value in the crypto space. One of the popular comments on Twitter read,

“Ouch, he was the guy that basically shifted things hardcore into crypto last year, right? Big risk and I’m guessing the shareholders and board are pissed wanting results. Damn shame.”