The last couple of weeks have not been gratifying for Bitcoin exchange Mt. Gox. Earlier it faced issues with the regulatory authorities in the US and now it has held USD withdrawals for the next two weeks from its accounts. Skeptics consider it a final knell on the future of Bitcoins as its leader is down and out.
The rebuttal comes from the enthusiasts who support Bitcoin and its cause as they consider that the hiatus is just for two weeks and once things are in order, customers would not face any issues and they will be able to withdraw their money in USD. In the last couple of days a large number of queries and complaints have come up regarding the hiatus of USD withdrawal which has though been calmed down by the official communication by Mt. Gox.
These skeptics even suspect the so called euphemistic reason given by Mt. Gox that they are holding USD withdrawals because there is mounting volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin.
They see a lot of disaster waiting; however, they may be wrong for several reasons; for instance, there is no way to conclude that Bitcoins are losing popularity as there are a large number of takers from bankers to venture capitalists to universities.
Bitcoins May be Facing Difficulty but the Trend is Up
Skeptics are wrong per se when they say Bitcoins is dying a slow death as currently poised at $110 which is a great relief proves them wrong. Though Bitcoin is down, it is not dead. No one should conclude on Mt. Gox’s decision as it is not the only place to exchange Bitcoins for other currencies.