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).
Kris Ruby, CEO of Ruby Media Group, talks about the challenges brands have retaining customers and how crypto is becoming a popular reward among brands.
While the pandemic caused financial troubles for many, the unique circumstances of the last two years proved helpful to many Americans. Whether it was the federal government's stimulus checks, expanded unemployment insurance, or general lockdowns, recent data reveals that the covid-19 pandemic helped many reach financial security. Neale Godfrey, Financial Expert and New York Times #1 Best Selling Author joined Cheddar's Opening Bell to discuss.
Take-Two Interactive is set to buy Zynga for $12.7 billion. The deal marks the latest blockbuster acquisition in the video game industry. The massive deal will bring the maker of popular mobile games like 'Farmville' and 'Words with Friends' under the scope of Take-Two, the company behind 'Grand Theft Auto' and 'NBA 2K.' Kenny Rovello, President & Co-Founder of Arkadium, joined Cheddar's Opening Bell to discuss.
GameStop is getting into the NFT and crypto space. The video game retailer announced the launch of an entire division aimed at creating a marketplace for NFTs and other crypto partnerships. The move comes as part of a turnaround plan by GameStop which has struggled in recent years as gamers shift away from physical game releases. Patrick McConlogue, CEO, Overline & Former Citadel Investment Group Engineer joined Cheddar's Opening Bell.
Philip Levine, Former Mayor of Miami Beach & Cruise Industry Expert, breaks down the challenges cruise operators are facing as COVID-19 cases rise, and provides insight on what the future of the industry may look like.
Jill Klindt, CFO of Workiva, talks about the challenges corporations have implementing ESG initiatives and how CFO's can build a trusted sustainable future.
Matt Orton, Chief Market Strategist at Carillon Tower Advisers, talks about the near-term risks to the market as Fed monetary policy accelerates and highlights areas of the tech sector that may be under-valued.
John Petrides, Portfolio Manager at Tocqueville Asset Management, provides insight on the strength of the Financial sector and highlights opportunities companies have to boost the labor market.
Darren Schuringa, Founder and CEO of ASYMmetric ETFs, talks about the ripple effect inflation has on the market and highlights the areas of tech with growth potential.
U.S. markets opened higher despite red-hot inflation data which showed the highest surge in nearly 40 years. Jon Maier, CIO, GlobalX ETFs joined Cheddar's Opening Bell to discuss this historic report.
