After the potential insolvency of Mt. Gox, one of the world’s biggest bitcoin exchange platforms, many have speculated that this could very well be the end of the digital currency. However, a collapse doesn’t appear to be in sight because bitcoin has risen from around $400 to as high as $600.
The Wall Street Journal published an article Wednesday titled “Bitcoin turmoil puts big money, reputations on line.” It included Marc Andreessen, who is the co-founder of the Internet’s first web browser and, as we have reported in recent weeks, is an ardent supporter of bitcoin. It also listed the Winklevoss Twins, Jim Breyer and Barry Silbert.
During the height of the media blitz Tuesday and the potential end to Mt. Gox, Andreessen made the case that each new technological breakthrough goes through its growing pains and experimental stages and, according to Andreessen, bitcoin is no different.
Since the price of one bitcoin has steadily risen again, he gloated on Twitter and tweeted:
“I will happily retweet all retractions and apologies from people who wrongly forecasted death of Bitcoin as result of MtGox collapse :-).”
Bitcoin experts have argued that the failure of Mt. Gox isn’t the fault of bitcoin protocols. In addition, the end of Mt. Gox could be the best thing for bitcoin because it was a dereliction in the expansion of the virtual currency. The only question remains is: what happened to the $370 million worth of bitcoins and will Japanese authorities intervene?
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