In a scenario in which the main cryptocurrencies see the visible drop-off, the founder of Overstock, Patrick Byrne focuses on the blockchain. However, it is still surprising to see blockchain and crypto with potential in which the Wall Street analyst, Tom Lee, has even broken his forecast from $ 25,000 to $ 15,000. In fact, the overstock itself is in red, losing $ 163 million within the first three quarters of 2018.
Following Blockchain Bet, Overstock is up 26%
The announcement comes on the scene with the latest release of wall street that states "Patrick Byrne is optimistic and confident about the potential of the blockchain". Despite the market crash, it has a great image to sell its retail branch to work exclusively on blockchain in the next year. In fact, he expects to close the deal by next year's February. As a result, from 2017 the sales plan of an e-commerce branch of his company has fallen into his mind
Since the announcement was launched, Overstock shares have increased by 26%, however the stock has fallen by 66% this year.
In particular, the bet on the blockchain comes in consideration of the loss-making company suffered from 2017 – over $ 22 million in 2017 and $ 39 million in 2018, despite the investment of over $ 175 million in Medici Ventures, Overstock subsidiary. Not only that, even his new trading system, called tZero, is not very performing, as he noted;
"I do not care if tZero is losing $ 2 million a month," We think we have a cold fusion on the blockchain side. "
Founded in 1999, Overstock is the brainchild of Patrick Byrne. He has been a loyal supporter of the blockchain and his adventure as a leading leader in accepting Bitcoin in 2014 has been defined. With confidence, he encourages bitcoin and its technology for online sales.
What is your opinion on Overstock considering possible opportunities in Blockchain? Is it a strategy to increase the value of your actions? Let's discuss
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.