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Mt. Gox Enters US as Bitcoin Trades at an all time high of $32

hypnosec (2231454) writes | about a year ago

Bitcoin 1

hypnosec (2231454) writes "Bitcoin prices have reached a new high of $32 after world’s biggest Bitcoin exchange, Mt. Gox, announced that they closed a deal with CoinLab to handle its United States operations. Mt. Gox was trying to enter the US for quite some time now and having finally managed to partner with a Silicon Valley Bank partner and VC funded company – CoinLab, things are definitely looking good for Bitcoin’s future."
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1 comment

it's at 34 dollars right now (1)

Rudd-O (20139) | about a year ago | (#43037885)

I checked MtgoxLive for more info.

I'm so happy I bought at the right time.   Let's hope that whoever buys now also gets to make a handy profit. I have reason to believe that will be true:

If I recall correctly, each bitcoin is "equivalent" to about 400 ounces of gold right now (from a scarcity comparison standpoint), and in its final 21mill form, will be "equivalent" to 225 ounces.

If we assume people start using Bitcoin as a store of value like gold or silver (ambitious, but not as ambitious as e.g. becoming the preferred transaction currency), its scarcity as compared to gold gives a very good idea of what prices it might end up reaching. We're talking possibly millions of dollars per coin, in today's dollars of course.

This means that buyers today still have a chance to make a killing. That'd be fantastic for them.
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