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How cryptocurrencies could give central banks a run for their money

Blair Shiff

For five years, Overstock CEO Patrick Byrne has been involved in the record-keeping technology behind cryptocurrencies, which is known as blockchain.

"We are reimagining the world based in blockchain," Byrne told FOX Business. "A key part of any society is a capital market, and we created a blockchain capital market called tZERO."

TZERO came live as of Monday, which means the security tokens issued last year can be traded by unaccredited investors.

"There's a whole new Wall Street coming to life, based in blockchain that is going to make obsolete the Wall Street that you're sitting in the middle of," Byrne said. "And tZERO is a leading player in that blockchain."

So will this cryptocurrency movement get rid of centralized banks?

"We have another company who is doing blockchain central banking," Byrne said. "That's going to be great for the world's poor. For 50 years, economists have been talking about the problem with financial inclusion, the poor not even attached to the system. Well, we're going to be able to do that through blockchain and mobile apps and biometrics."

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Byrne said he thinks the cryptocurrencies will soon be able to do everything big banks can do.

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