Crypto News | Bankrupt Mt. Gox Moves 16,000 BTC

More than 149 million dollars. That’s how much 16,000 Bitcoins are worth at the moment, with one BTC selling for $9,341.18 as of press time. So naturally, when cryptocurrency traders see that bankrupt Mt. Gox moves 16,000 BTC to an unknown address, they are understandably concerned. The move happened yesterday, sparking concerns that a major price crash is coming soon. To recap, Mt. Gox went bankrupt in 2014, after losing 1 million of its customers’ Bitcoins. The assets were worth $384 million at the time – but that was four years ago. In the meantime, various trustees and attorneys have sold off the company’s own assets, offloading coins worth $500 million over time. Every time some of the company’s funds were sold off, the crypto market suffered. Some speculate that the address where the coins were moved this time belongs to an exchange desk, which spells bad news.

Yesterday was also a pretty important day for Bitcoin mining, marking a new milestone. According to data from, as of yesterday, 17 million Bitcoins have been mined. Since the BTC supply is limited to 21 million, this means that there are only 4 million BTC left in the wild. Even though that is only 19% of the total supply, the protocol has been designed to ensure that coins are produced slower over time, with the block award being halved every 210,000 blocks. The last time this happened was in 2016, and the last Bitcoin will probably be mined in 2040.

But let’s not make this only about bankrupt Mt. Gox and Bitcoin – there are other cryptocurrencies wort mentioning. For example, Ripple is way more successful in terms of adoptions by major banks and financial companies. Earlier today, Ripple announced five new partnerships – with UniPAY (Georgia), MoneyMatch (Malaysia) FairFX (U.K.), RationalFX (U.K.), and Exchange4Free (U.K.). All of these companies will use Ripple’s xVia to facilitate payments over RippleNet. xVia is a novel technological solution which lets companies send funds across multiple networks, all the while using a standard interface with a simple API.

It would seem like Comcast has also noticed the potential of cryptocurrencies and the real world applications that they enable. In yesterday’s interview for CNBC, Gil Beyda, the head of Comcast’s venture capital arm, said that cryptocurrencies could have a huge impact on emerging economies and unbanked populations. He also advised traders to exercise caution, saying the blockchain is still waiting for that one killer app and that investors should refrain from investing more than 5% of their portfolio in crypto.

However, in spite of what Beyda says, if everyone who googled Bitcoin invested only 5%, Bitcoin would already be worth way more than $250,000 that Tim Draper predicted as an actual possibility in 2-3 years. Data published by Wikipedia indicates that the article about Bitcoin was the 9th most read article on the hugely popular website last year. Bitcoin was more popular than the year’s biggest movies, including Star Wars: The Last Jedi, Wonder Woman, and It. Only eight articles proved to be more culturally relevant than Bitcoin last year, starting with No. 8: United States, List of Bollywood Films of 2017, Game of Thrones, Meghan Markle, Game of Thrones (Season 7), Elizabeth II, Donald Trump, and Deaths in 2017.

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Author: Max Rothstein

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