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).
Barbara Doran, CEO and Chief Investment Officer at BD8 Capital Partners, joined Wake Up With Cheddar's Brad Smith to break down results from Nike and talk broader market movement, as major indexes look poised to rebound.
Despite the pandemic and the home workout revolution, many brick and mortar fitness companies have been able to stay afloat. Some even increased their membership during the pandemic, including Crunch Fitness. The Crunch franchise is celebrating 128% growth from pre-COVID membership levels as its 400th club enters pre-sale. Ben Midgley, CEO of Crunch Franchise, joined Cheddar to discuss how the company has been able to succeed during this time.
The pandemic prompted a shift toward personalized at-home workouts, and made health and wellness even more of a priority. In the early months of the pandemic, sales for fitness equipment, shoes and apparel skyrocketed as people adapted to working out in the solitude of their own homes. Even as gyms have reopened, some of these trends have stuck around. Jillian Michaels, personal trainer and creator of The Fitness App by Jillian Michaels, joined Cheddar to discuss the home workout revolution and give her advice on how to stick to your 2022 fitness goals.
Dr. Bayo Curry-Winchell, Regional Clinical Director at Carbon Health and Member of the Governors Medical Advisory team in Nevada joins Cheddar News to discuss the Omicron Covid variant amid the holiday travel season.
Carlo and Baker preview President Biden's address to the nation as Omicron becomes the new dominant Covid strain. Plus, Trump gets booed for getting his booster and the White House gets a new puppy.
