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).
Amazon is expected to pull in about $7 billion in revenue during this year's Prime Day, according to projections. Cheddar News took a peek at some of the top-selling items and what operations look like at one of its plants.
Warren Buffett's Berkshire Hathaway increased its stake in an LNG plant in Maryland for $3.3 billion as it doubles down on fossil fuels.
Threads could bring in $8 billion in annual revenue, according to analysis, after it reached about 100 million users days after its launch. Cheddar News explains.
Be Well: How Rising Interest Impacts Corporate Default Rates
Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
Cheddar News Senior Reporter Michelle Castillo visited an Amazon warehouse on Long Island to get a behind-the-scenes look at the company's efforts ahead of Prime Day.
What's happening on Wall Street July 11, 2023
We hit the streets of New York City to ask: is money something you talk about with friends and family?
We hit the streets of New York City to ask: is money something you talk about with friends and family?
Clint Henderson, managing editor at The Points Guy, explains why hidden hotel fees keep cropping up and what you can do to try to avoid them.
