Bitcoin on the rise again: Mt. Gox wasn’t the disaster some predicted

Bitcoin

Mt. Gox is facing lawsuits and criminal investigations but Bitcoin is on the up again

This isn’t the first instance of Bitcoin flexing it’s muscles in the face of adversity. Over the last year attacks on the digital currency have had a short-lived effect. Despite attempts to regulate the price of Bitcoin and some high profile bans on its usage Bitcoin has consistently bounced back.

When Mt.Gox, once Bitcoin's leading exchange site went down last week many feared the apparent catastrophe spelt the end.

Once again however Bitcoin has stabilised and is now healthily soaring up in price, closing in on the $700 mark.

Bitcoin’s far reaching appeal as a viable alternative to that offered by the banks and governments remains solid armour against outright attacks and media negativity. Writing for Forbes, Panos Mourdoukoutas sums up the situation well when he says. ‘Bitcoin is an innovative currency; and innovators usually find the means to overcome the impediments that get in the way.’

image: © Zach Copley