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).
The global bottled water industry is booming, and it's coming at a steep environmental cost, according to the United Nations University Institute for Water, Environment and Health.
Sanofi has announced that it will lower the list price of its insulin drug, Lantus, by 78 percent and will set a $35 cap on out-of-pocket costs for all patients.
Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third to fail in less than a week and head off a broader banking crisis.
A total of 33 states and the District of Columbia now allow at least some form of sports wagering, but the prospects are mixed for expanding sports betting to additional states this year.
Neel Shah and Caitlin Kelly describe how their company EZ Newswire fared following Silicon Valley Bank's stunning collapse as other banks are feared to be in similar precarious states.
This photo taken on Feb. 24, 2023 shows a XPeng X2 flying car at the headquarters of XPeng Aeroht in Guangzhou, south China's Guangdong Province. Guangzhou, one of China's major car manufacturing bases, has been striving to attract investment in new energy vehicle NEV industry in recent years.
Tom Graff, head of investments with Facet Wealth, joined Cheddar News to discuss what investors should know about the stock market amid concerns about the banking sector.
