Overstock CEO to Sell His Shares For Crypto Investment

Previously, Overstock has invested heavily in blockchain projects, including the creation of a "daughter" company called tZero
12 September 2018   758

The founder and head of the giants of e-commerce Overstock, Patrick Byrne, sold 10% of its stake, receiving about $ 20 million, and is going to invest these funds in blockchain projects. This is reported by CNBC.

In his letter to Overstock investors Byrne stressed that he will soon reinvest these funds with Overstock and Medici Ventures.

Note that the head of the online retailer did not disclose specific plans for future investments. However, previously, Overstock has invested heavily in blockchain projects, including the creation of a "daughter" company called tZero.

Byrne also acknowledged that over the past year, Overstock stocks fell 61%, and linked it to the fall of the cryptocurrency market.

I sadly note that over the last 180 days the correlation between OSTK's and Bitcoin's daily movements has been 85.5%, and again warn people: we don't have significant holdings of Bitcoin.
 

Patrick Byrne

CEO & Founder, Overstock

In early August, the regulated tokensale (Security Token Offering) of tZero ended, during which the company raised $ 134 million.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   83

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.