Patrick M. Byrne launched Overstock in 1999, an e-commerce store similar to Amazon that has grown into a company with $1.8 billion of annual revenue and over $400 million of assets. Notably, Overstock became the first major retailer to accept Bitcoin (BTC) payments in January 2014. Also, Overstock has made $175 million of investments into crypto and
Indeed, Byrne is a Bitcoin (BTC) enthusiast and has made numerous public speeches on the topic of
After the speech, Maria Butina, who claimed to be the President of a gun-rights group in Russia, met Byrne for the first time. After a couple of conversations, Butina told Byrne that she was being groomed by the most powerful oligarchs in Russia to become the President of Russia, and her goal was to impose liberal ideals in Russia, uniting Russia with the Western World.
Then Butina invited Byrne to speak at the Central Bank in Moscow on the topic of Bitcoin (BTC) and Liberalism.
At this point, Byrne disclosed all the details of his conversations with Butina to the Federal Bureau of Investigation (FBI) and asked if he should go to Russia with her or cut her out of his life.
Apparently, Byrne had worked with the FBI twice before. In the first incident, Byrne’s friend Brian Williams was murdered and Byrne helped bring the killer to justice. In the second incident, Byrne claims to have played a major role in the indictment of 200 Wall Street executives who were participating in fraudulent trading practices such as naked short selling that helped bring about the 2008 Great Recession.
Byrne says that an FBI agent called him one day and said, “Patrick, the Bureau wishes to thank you for what you have done. It is almost unprecedented. You are going to see handcuffs come out this week. You need to live the rest of your life knowing that everyone you see us arrest suspects your fingerprints are on his problems.”
Byrne was ready to be an FBI informant for a third time. The FBI indicated that it wanted Byrne to go on a trip to meet Butina, but it was not entirely clear. Byrne sent the message, “Not wanting to get
After that, Byrne had an affair with Butina from September 2015 through March 2016. During this time, Butina often talked
Byrne says he continuously gave information to the FBI, but they took no action. For example, Byrne knew that Butina was going to personally meet Donald Trump Jr., but the FBI told Byrne to let it happen. This caused Byrne to suspect that the government was letting this political infiltration get
Ultimately, Butina was charged with acting as an agent of a foreign government without notifying the Attorney General and was sentenced to 18 months in prison.
Byrne eloquently describes Butina and the Russiagate scandal: “Vladimir Putin is living rent-free in your brain, America. No one is denying that he and his people performed mischief (though whether Maria was related to that or not, and if so, how wittingly, is another question). It was hybrid warfare, of which Putin is a master, and yes, he did it to us… Putin had sown enough charges into enough corners here so that whoever had won, Putin was going to be able to pull a trigger and cause an uproar here. He would get us all chasing our and each others’ tails, no matter who won.”
Byrne says he came out with all of this information because the country is being destroyed by the ‘Deep State,’ and staying silent would be the wrong thing to do.
According to Byrne, the Deep State began to form 30-40 years ago when political appointees charged with overseeing various agencies and departments began to get jobs in the organizations they were in charge of monitoring after their term ended, rather than go into a different line of work to prevent centralization of power.
Basically, political appointees are picked by the President and are usually highly political people with allegiance to the Republican or Democratic party. Now, these highly political people have taken over the government’s agencies and departments according to Byrne.
Back to Russiagate: Essentially, Byrne believes that the Deep State allowed the Russian conspiracy to continue and selectively allowed certain people to be damaged rather than handling the problem immediately.
Apparently the incident with Butina damaged Byrne’s reputation, resulting in Overstock not being able to get corporate insurance with Byrne as the CEO. Also, Byrne claims that the Deep State is coming after him due to his involvement with Butina and subsequent disclosure of information to the public, and if he stayed at Overstock, the Deep State would try to cripple him by attacking Overstock.
“You think me controversial now, but you
Byrne stepped down from being the CEO of Overstock, and a few weeks later sold his 4.7 million shares worth somewhere around $90 million. The price of Overstock’s stock, OSTK, experienced extreme volatility around this time, rising from $15 on Sept. 3 to $27 on Sept. 12, before declining to below $10 after Byrne announced that he was resigning and had dumped all of his stock.
Byrne expects that the economy will eventually crash, and to prepare for this, Byrne invested the money from selling his stocks into gold, silver, and two undisclosed
If the economy crashes, Byrne tells Overstock investors not to worry since, in that case, Byrne expects the value of his precious metals and crypto to skyrocket, and then that money can be injected into Overstock.
Essentially, Byrne is saying that dumping the stocks for precious metals and crypto was part of a
Byrne has now not only taken his money but also himself well out of the reach of the Deep State and is supposedly sailing a boat around obscure parts of Indonesia. It can’t be known for sure where Byrne is or where he is going, but Byrne is at least still posting on his website Deep Capture.
Byrne’s story brings to mind John McAfee, a crypto
It is up for debate as to whether Byrne’s or McAfee’s story is more captivating, but in any case, there are now two rich crypto
So ends the wild tale of Overstock Founder Patrick Byrne — at least for now.