Who Was Buying Mt. Gox Bitcoins?

While browsing Crypto-Twitter, which is my favorite thing since a year ago (sorry Netflix) I stumbled upon a tweet from well-known bitcoin proponent Andy Hoffman. Andy came out with an interesting speculation on the topic of Mt.Gox bitcoins buyer.

Of course, this just might be a wild speculation from him but it also could be a very valid point of view. Someone (individual or institution with a lot of money) did buy a block of $400 million bitcoins some 3 weeks ago.

As you can see from the replies to his tweet, there are couple of Twitter users who don’t really agree with him and think banks don’t buy to speculate.

Japan is currently known to be one of the most crypto friendly nations in the world as cryptocurrencies have been regulated by the government and increasing number shops and businesses in the country accept Bitcoin and other altcoins as a means of payment.

Earlier this year, Governor of Bank of Japan, Haruhiko Kuroda, stated:

“Cryptocurrencies aren’t legal tenders and don’t have assets to back up their value… Some people say they should be described as crypto-assets, not cryptocurrencies,” 

 

However, the Japanese Financial Services Agency (FSA) announced on Thursday that it had

“punished seven cryptocurrency exchanges, ordering two of them to suspend business, in an effort to shore up consumer protection,”

Reuters reported. As Marketwatch reported, the regulator has learned that one of the heads of Bit Station (one of the suspended exchanges) used client bitcoins for personal purposes.

This decision is probably propelled by the fact that in mid-January, in Japan,  $530 million was stolen from the Coincheck exchange in the NEM crypto currency.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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