{"id":236067,"date":"2019-08-26T09:56:42","date_gmt":"2019-08-26T13:56:42","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=236067"},"modified":"2019-08-27T01:02:11","modified_gmt":"2019-08-27T05:02:11","slug":"overstock-maintains-position-on-blockchain-and-cryptocurrency","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/overstock-maintains-position-on-blockchain-and-cryptocurrency","title":{"rendered":"Overstock Maintains Position On Blockchain And Cryptocurrency"},"content":{"rendered":"

Overstock has come out to reassure investors that they remain committed to cryptocurrency. The online retailer\u2019s shares suffered after the firm\u2019s long time CEO, Patrick Byrne, resigned from his position.<\/p>\n

Bryne\u2019s resignation came after he made comments about being involved in FBI investigations into the 2016 election. He went on to say that the FBI ordered him to get involved with a Russian spy and this compounded the pressure on him.<\/p>\n

Bryne\u2019s resignation was announced on the 22nd of August in a shareholder letter. The letter suggested that the controversy surrounding Bryne makes him unfit to continue as the head of the firm.<\/p>\n

Share price drop<\/h2>\n

After Bryne\u2019s comments went public, Overstock\u2019s share price fell by over 35%. The stocks have started recovering after his resignation was announced.<\/p>\n

Investors were left questioning Overstock\u2019s overall position with regards to the business, and whether the firm itself has been tainted by the activities Bryne claims to have been involved in.<\/p>\n

Commitment to cryptocurrency<\/h2>\n

Overstock has become one of the leading firms in the crypto industry. The company is well known for its support for cryptocurrency, Bitcoin especially.<\/p>\n

According to Overstock\u2019s newly appointed CEO Jonathan Johnson, they plan on maintaining the legacy which was started by Bryne. The company remains supportive of Bitcoin and cryptocurrency trading<\/a>, as was the case under Bryne.<\/p>\n

Johnson said that the blockchain business is doing well and the company will maintain its focus on blockchain and crypto. He added that their team at Medici Ventures is still working on their projects and that the Medici family is growing at a steady pace.<\/p>\n

Medici Ventures is a blockchain focused business and the continuation of their operations reflects that Overstock is still focused on its crypto and blockchain initiatives.<\/p>\n

The assurance that the company is committed to its cryptocurrency and blockchain position comes after Overstock suffered a 23% decrease in revenue.<\/p>\n

The revenue decrease is in contrast to Johnson\u2019s claims that the companies in the Medici family are growing. Overstock\u2019s investors will be hoping that Johnson can steer the firm towards increased revenue.<\/p>\n

Some recent developments around Overstock may work in the company\u2019s favor and give it the boost it needs to grow its revenue and share price. In July, Overstock announced that they would be launching a digital equivalent of its dividend for their shareholders.<\/p>\n

To add to this, the firm\u2019s tZero platform was recently opened for trading to retail investors. These moves will increase investor interest in Overstock and they can expect positive returns as a result.<\/p>\n","protected":false},"excerpt":{"rendered":"

Overstock has come out to reassure investors that they remain committed to cryptocurrency. The online retailer\u2019s shares suffered after the firm\u2019s long time CEO, Patrick […]<\/a><\/div>","protected":false},"author":1717,"featured_media":236068,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[5357,7598,8639],"class_list":["post-236067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-blockchain","tag-crypto","tag-overstock"],"acf":[],"yoast_head":"\nOverstock Maintains Position On Blockchain And Cryptocurrency<\/title>\n<meta name=\"description\" content=\"The assurance that the company is committed to its cryptocurrency and blockchain position comes after Overstock suffered a 23% decrease in revenue.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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