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).
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Cheddar News breaks down the new way people are subtly quitting their jobs post-pandemic, “quiet quitting.”
Online published Medium is reportedly it will post articles written by ChatGPT as long as it's properly disclosed.
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Pet food maker Pedigree is offering metaverse users a chance to foster a pet from the real world — by starting in the virtual one.
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CVS and Walmart are cutting back pharmacy hours due to a shortage of pharmacists.
The Federal Reserve's preferred gauge of inflation showed the pace of price increases is slowing.
Mitchella Gilbert, CEO of Oya Femtech Apparel, joined Cheddar News, to discuss how its performance wear can help women.
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.
