MtGox controls more of the Bitcoin market than the Gold Reserves of the Swiss Central Bank


Recently, Tuur Demeester, the Founding partner at Adamant Capital, has calculated the Bitcoin circulating supply in equivalence of Central banks’ gold reserves and shared the following data. Tuur made a tweet over on Twitter showing a comparison between the market share of the Bitcoin market vs the Gold Reserves of the Swiss Central Bank.

Refer to a picture of the tweet below:

He further did a comparison of the Bitcoin still left with Mt Gox with that of the central banks’ gold reserves.

“Allows for fun comparisons, e.g.: The MtGox Trustee currently controls 137,891 BTC, which is bigger in terms of market share than the gold reserves of the Swiss central bank.”

Currently, a group of Mt. Gox creditors has banded together to create a movement called “GoxRising” with the goal of reviving the exchange and present a detailed Civil Rehabilitation plan.

The movement has been proposed by Brock Pierce who reportedly bought 12 percent stake owned by Jed McCaleb, founder of Mt. Gox for 1 BTC. “We have the rise, the fall, and it’s been in liquidation and bankruptcy in Japan for over five years. But the story is not over.”

Pierce had been quoted as saying,

“Like Game of Thrones, the last season of Mt. Gox hasn’t been written. What kind of ending do we want to make for it? I’m a Joseph Campbell fan, so I’m obviously going to go with a hero’s journey, with a rise and a fall, and then rise from the ashes like a phoenix…”

Pierce also wish to start a new chapter by relaunching Mt. Gox. He further plans to offer its 20,000 creditors a stake in the future of the company.

 


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Samuel Tan

Samuel Wan has been an analyst and cryptocurrency evangelist for the last few years. Previously he worked as a consultant for a Big 4 consulting firm and is passionate about how blockchain will make an impact in the world. You can contact Sam at s@cryptomenow.com

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