Overstock.com’s CEO denied reports the company suffered any significant losses because of a glitch in cryptocurrency systems, and said that, despite the media coverage, he still believes Bitcoin holds a lot of potential for the company.
“Right now we’re doing a tZero ICO raising $300 million...People are telling me that’s a business they think has a 3 billion or 4 billion value,” Patrick Byrne told Cheddar Friday.
“I literally have people on Wall St. saying, if I pull off the tZero ICO, and then over two years we do what we think we can do, they say that’s a $40 billion enterprise. People have no idea, yet how much of the financial system we intend to augment.”
Reports emerged earlier this week that a bug created a big opportunity for arbitrage, allowing customers to purchase items with Bitcoin Cash, which trades at roughly $2,500, and return them in exchange for Bitcoin, priced at more than $13,000.
Byrne said the issue was caused by the overwhelming trade volume at payment partner Coinbase. He claims the mix-up, which lasted milliseconds, did not result in any material losses.
For full interview [click here](https://cheddar.com/videos/overstock-ceo-responds-to-bitcoin-mix-up).
UAW president Shawn Fain said the union would strike at a small number of Ford, General Motors and Stellantis factories, but that if the Big Three "continue to give us insulting offers, then our strike is going to continue to grow."
Hundreds of Milwaukee bar patrons who hoped to score free drinks through its offer to pay their tabs whenever the New York Jets, and former Green Bay Packers quarterback Aaron Rodgers, lose had to pay up after the Jets got an overtime win despite an injury that took Rodgers out of the game.
The HBCU Transformation Project, a coalition of 40 historically Black colleges and universities, on Wednesday announced a $124 million gift from philanthropic funders Blue Meridian Partners to increase enrollment, graduation rates and employment rates for the schools' graduates.
