The Mt. Gox Bitcoin Exchange Has Gone Offline

Their website is a blank white page and re/code is reporting that Mt. Gox will declare bankruptcy. I'm not sure what to make of it just yet. This has been developing for a few weeks, and BTC has been taking a beating as a result. Using the new largest Bitcoin exchange in the world (Bitstamp), as of February 7th, when Mt. Gox halted withdrawals, the price of BTC has dropped from approximately $760 USD to $470 USD, at the time I'm writing this. That's a drop of about 38% in just 17 days.

Bitcoin Chart Feb 24:14.png

My gut feeling is: BTC is on sale, so get buying. 

I think Bitcoin still has a very bright future. I meant what I said previously, Bitcoin is going to be huge. I think this is just a bump in the road. Bitcoin shot up to over $1100 USD around December 1st, and since then has seen huge media coverage and seems to be a popular target for sensationalistic headlines. Every little bit of bad news seems to make big waves and drive further price volatility. 

I think the next 8-10 months will really tell us what the future of Bitcoin is going to look like. Time will tell.