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).
Oliver Chen, senior retail analyst at Cowen, joined Cheddar's "Opening Bell" to discuss the latest details about department store chain Kohl's after it received at least two offers from buyers to take the company private. Chen stated that Kohl's is an attractive landing spot for prospective buyers because of its premium real estate and undervalued stock prices. He also noted that despite the rise in online shopping, there is still room for brick and mortar shops to flourish. "We're very bullish on bricks meets clicks. The integration of stores and digital," Chen told Cheddar. "People love to return items in stores, people love the treasure hunt of shopping and the convenience and immediacy of stores."
Four-day week global, an organization in the UK, is pushing for a society where health and wellbeing come first, and a world in which people work to live, rather than live to work. They're demanding a four-day work week based o a recent study that proves productivity increases when working hours are reduced to 32 hours a week. Now, at least 30 companies in the UK are taking part in a four-day work week trial. joining me now is Charlotte Lockhart, founder of four-day week global.
The streaming giant Netflix posted its latest earnings from its fourth quarter after the close on Thursday. The company's stock plummeted shortly after the company warned that its rate of subscription additions are slowing down. Senior Reporter at MarketWatch Jon Swartz, joined Cheddar to discuss more.
Revenue operations platform Clari recently raised $225 million in a Series F financing round led by Blackstone, bringing the company's valuation to more than $2.6 billion. Calri says more than 450 companies from around the world use its A.I.-powered platform to make their revenue operations more connected, efficient, and predictable. Clari CEO Andy Byrne joined Cheddar News' Closing Bell to discuss.
