In late 1999, Patrick M. Byrne launched Overstock.com, which achieved its first profitable quarter in 2002 and its first full year of profitability in 2009. In 2015, Overstock.com had revenues of $1.7 billion and its sixth out of seven straight years of profitability.
In 2014, when no firm of $1 million in revenue yet accepted bitcoin as a payment method, Byrne’s pro-freedom political orientation led him to decide that Overstock.com, then with $1.4 billion in revenue, should accept the digital currency. Having gained familiarity with the blockchain technology at the heart of digital currencies such as bitcoin, Byrne created Medici, a subsidiary within Overstock.com building blockchain-based financial technology solutions. In 2015, Byrne used Medici’s t0.com securities trading platform to become the first person in history to purchase a digital bond entirely on the bitcoin blockchain.
Byrne received a bachelor’s degree in philosophy and Asian studies from Dartmouth College, a master’s in philosophy from Cambridge University as a Marshall Scholar, and a doctorate in philosophy from Stanford University. He has taught at the university level and is a frequent guest lecturer discussing internet commerce, capital markets, Wall Street practices, education, leadership and ethics.
Speaker at Money20/20 Europe 2016