At press time, the father of cryptocurrency is trading in the $6,500 range. This is about $100 higher than where it’s stood over the past several days, and it appears we’re heading back to where we were in September and early October.
Several factors must be accounted for when examining the sudden spike. For one thing, Overstock.com CEO Patrick Byrne recently came forward to say that he sees cryptocurrency and blockchain technology as significant, and he believes both will reach mainstream status in the coming months.
Overstock founder and CEO Patrick Byrne, a longstanding bitcoin supporter, recently appeared on FOX Business’ “Mornings with Maria” to explain why he’s bullish on bitcoin. During the interview, Patrick Byrne notably pointed out that it isn’t about how high bitcoin will go, but about how low fiat currency can go, and that “it’s about time the world switches to real money.
Overstock CEO Patrick Byrne believes that one day all company shares will be blockchain-based equity tokens classed as securities, and they will need a regulated exchange to trade on.
To raise funds to develop that exchange, the online retail giant is launching an initial coin offering (ICO) for T0.
Overstock chief executive Patrick Byrne has revealed details about the initial coin offering (ICO) for tZERO’s SEC- and FINRA-compliant token exchange. Byrne expects the tZERO ICO to “raise a fortune” and potentially set a new record for token sale fundraising.
Overstock CEO Reveals tZERO ICO Details
Last month, Overstock announced that tZERO — one of its blockchain portfolio companies — had entered into a joint venture with the Argon Group and RenGen to develop the first U.
Overstock will soon release software designed to help alleviate the very problem that got its founder involved in blockchain in the first place.
After three years of development, a subsidiary of the U.S. retailer now has a tool to let short-sellers identify and borrow shares they want to trade against, instead of shares they might not actually possess. Called a Digital Locate Receipt (DLR), the technology based on the company's tZERO platform appears to be designed to curb the practices of so-called naked short selling in which investors trade on stocks they promise to borrow, but do not.
Overstock CEO Patrick Byrne confirmed that SEC-compliant token exchange and marketplace tZERO will hold an initial coin offering (ICO) by Thanksgiving. Byrne predicts the tZERO ICO could “easily” raise as much as $200 million to $500 million, potentially breaking the record for token sale fundraising.
Last month, Overstock made waves by announcing that tZERO, one of the online retailer’s blockchain subsidiaries, had entered into a joint venture with RenGen and the Argon Group to develop the first FINRA- and SEC-compliant ICO marketplace.