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).
Stocks closed mixed today, with the Nasdaq sliding for the second day in a row as investors are skittish about Fed Chair Jerome Powell's re-nomination by President Joe Biden. Many are worried that Powell's Fed could institute rate hikes next year if his nomination is approved in the Senate. Dann Ryan, Chief Investment Officer at Sincerus Advisory, joins Cheddar News' Closing Bell to discuss today's close, why tech investors are worried, rising costs for consumers, and more.
Fold CEO & Co-founder Will Reeves joins Cheddar News' Closing Bell, where he discusses what his company's augmented reality metaverse involves and elaborates on Fold's goals surrounding the new initiative.
President Joe Biden's "Build Back Better" bill could mean cheaper electric bicycles and scooters as the nation attempts to shift away from gas-powered cars. Noa Banayan, the director of federal affairs at PeopleForBikes, joined Cheddar's "Closing Bell" to provide some background on the E-Bike Act included in Biden's reconciliation bill that would provide tax credits for qualified purchases. "We want to make sure, from the bike industry's perspective, that this is a technology and a product that is available to the majority of Americans who want to lower their carbon footprint and get around town faster and do everything that they would normally do in a short car trip but by bike, because it's healthier, it's fast, it's efficient, you're not in traffic," she said.
It's being called the next big trend in crypto. A decentralized autonomous organization, or DAO, is an internet community of different types of groups and businesses. The purpose is to allow people to commit funds to a specific cause in a safe way. Now, one social platform is creating a do-it-yourself kit for those who want to step into the space. Upstream Collective just launched the beta mode of its platform with the goal of putting all facets of running a DAO in one place. Alex Taub, co-founder and CEO of Upstream, joins Cheddar News to discuss.
Walmart and Zipline have teamed up to launch a drone delivery service in Pea Ridge, Arkansas. The service delivers products to customers within a 50-mile radius of the store. Liam O'Connor, COO of Zipline, joins Cheddar News to talk more about the partnership.
President Joe Biden announced that the U.S. will tap into its strategic oil reserve in coordination with other nations and release 50 million barrels in an effort to lower energy prices.
