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).
Some House Democrats will have to vote for McCarthy's bill if enough conservative Republicans keep their word to oppose any compromise.
Blue Bird, a maker of school buses, opened up a production facility to meet the rising demand for electric school buses.
The National Eating Disorders Association said it's replacing its staff with an artificial intelligence chatbot.
Hyundai and LG announced a partnership to build a $4.3 billion electric battery plant in Georgia.
JPMorgan announced job cuts at First Republic Bank, a month after acquiring the company.
AstraZeneca said its cancer-treatment drugs when used following chemotherapy treatment showed positive late-stage trial results for endometrial cancer patients.
The federal government is giving away for free some historic lighthouses and is also auctioning some of them off too.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Elon Musk's brain-implant company Neuralink said it received approval from the Food and Drug Administration to begin human clinical trials.
Aileen Del Cid, head of marketing at Samsung TV Plus, sat down with Cheddar News reporter Michelle Castillo to discuss the platform's plans to stand out from the streaming competition with a new channel featuring Conan O'Brien.
