The mainstream media has put out a lot of stories detailing the demise of the Mt. Gox exchange, but they haven't had nearly as much to say about why Bitcoin prices are moving back up - a startling 43% since Mt. Gox went dark.
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In the aftermath of the grim Bitcoin news about the collapse of the Mt. Gox exchange, it's clear we're going to need a lot of answers about how much money could have gone missing without being noticed.
Bitcoin prices on most major exchanges briefly dipped about 5% on the news, but recovered quickly. The composite Bitcoin price on CoinDesk was $565 at midday, down less than 2% for the day.
And who can blame them? Any investment that can go from $13 to more than $1,000 in less than a year is worth paying attention to.
And warnings from the mainstream media that Bitcoin is a bubble ready to burst at any moment have proven false time and time again. Bitcoin prices have dropped on bad news, but almost immediately rebound; that's not what bubbles do.
Bitcoin news this week has revolved around the closing of the Mt. Gox Bitcoin exchange and reports of Bitcoin theft.
That has some analysts wondering if this is the end of Bitcoin.
Money Morning's Defense & Tech Specialist Michael Robinson appeared on FOX Business' "Varney & Co." today (Wednesday) and detailed why this is not the end of Bitcoin. In fact, there are numerous reasons why Bitcoin will be around long term.
Take a look...
With the Mt. Gox Bitcoin exchange offline - at least for now - a primary concern of customers who had accounts there is getting back lost bitcoins - can they be retrieved?
The exact number of Mt. Gox customers at the time the website went dark is uncertain, but as of last December the exchange said it had 1 million.
Now that the Mt. Gox exchange has gone dark, speculation is running rampant over the future of Bitcoin. Is it dead, or is this just another crisis that the digital currency will brush off, as it has so many others? In the world of Bitcoin,
Problems at the Mt. Gox exchange have dominated Bitcoin news this past week, creating concern and confusion within the Bitcoin community and leaving everyone else wondering what in the world is going on.
Mt. Gox threw a scare into the Bitcoin world when it blamed some technical problems on a bug in the digital currency itself -- a bug that would allow fraudulent transactions. The revelation sent Bitcoin prices plummeting. But when the real story came out,
A fresh crisis may be the beginning of the end for Bitcoin exchange Mt. Gox, but the harm to the digital currency itself will be temporary.
Fans of the digital currency woke up Friday trying to figure out why Bitcoin prices are falling after more than a month of relative price stability on the Japan-based exchange.
Long plagued by issues in getting fiat currencies from Mt. Gox accounts to user bank accounts, the exchange in recent days started having trouble transferring bitcoins as well.
One of the things holding many people back from investing in Bitcoin is the technical knowledge required to buy and sell the actual Bitcoins. But the Winklevoss Twins are about to change all that when their Bitcoin ETF gets approved by the SEC later this year.
Ever since it popped onto the public's radar, Bitcoin has been unfairly saddled with a reputation for being little more than a high-tech tool for illegal activities. So when the BitInstant CEO got arrested for money laundering, the critics were crowing, "I told you so." But this incident is just one more distraction from
It was almost laughably easy for the thieves who stole the data from Target's computers. That's how obsolete our credit card system of paying for goods and services has become. It's just one of several reasons we're going to see merchants rapidly adopt the digital currency Bitcoin this year.
The world's two fastest-growing economies came down hard on Bitcoin in recent weeks.
Dips followed, but ultimately the virtual currency began to slough off the news and continued to gravitate toward a loose, but tightening, trading range.
And as a former senior advisor to a Silicon Valley venture capital firm, I've seen a lot of opportunities to make a killing on technology over the years.
I'm talking about everything from ultra-fast semiconductors, to advanced sensors, to the rise of the Internet and today's mobile revolution.
But in all those years, I've never seen anything reach critical mass as quickly as Bitcoin.
Consider that less than three years ago, few but a small cadre of hardcore tech geeks had even heard of this new crypto currency.
Today, however, this virtual money is traded on roughly 80 global exchanges. It's also accepted at thousands of retailers throughout the U.S.
And it has handed some savvy investors gains of 1,000% or more in as little as a few months' time.
Yet, skepticism persists. Predictions of Bitcoin's imminent demise by a wide range of so-called "experts" have proved premature at best.
Fact is, Bitcoin to date has met every challenge thrown at it and come back stronger.
For Bitcoin's backers and investors, that's great news. Because Bitcoin is now defying a growing list of global governments doing their best to stop its advance...
For Bitcoin's backers and investors, that's great news.