Only 6 Nations Have Bigger Gold Reserves Than Defunct Crypto Exchange Mt Gox
Bitcoin and Gold are always considered to be a safe haven asset, bitcoin edging out Gold because of being more transaction friendly. To spread this narrative further, the Founding partner at Adamant Capital, Tuur Demeester, calculated the Bitcoin circulating supply in equivalence of Central banks’ gold reserves.
I calculated the Bitcoin circulating supply equivalent of Central Bank gold reserves. pic.twitter.com/lSTvK7Szkh
— Tuur Demeester (@TuurDemeester) February 9, 2019
As seen in the above list, only the USA, Germany, Italy, France, Russia, and China have a bigger gold reserve than that of Mt. Gox.
He further added:
“The current value of Dutch Central Bank gold is about $25 billion, so in order to buy 69k BTC (the mined Bitcoin equivalent of the Dutch gold reserve) it would only need to sell 1% of its gold, i.e. 492 gold bars.”
A group of Mt Gox creditors have come together and are now working on a movement called ‘GoxRising’. The GoxRising movement aims towards helping repay those who had lost their Bitcoins in the Mt Gox hacks. GoxRising has been registered in the British Virgin Islands as Gox Rising Limited. The ultimate aim of the group is to help provide 100% recovery of the lost Bitcoins, as well as providing financial incentives for the creditors who are working together.
The GoxRising movement was proposed by Brock Pierce, who is a rather controversial name in the world of cryptocurrencies. The group is working on a plan for recovery – and will present the Civil Rehabilitation plan (the CR plan) to the Mt Gox Trustee by the 22nd of April, 2019.
In addition to recovering the funds lost in the Mt Gox hacks, Brock Pierce has also proposed a cryptocurrency called the Gox Coin. This coin will be created for the creditors who want to sign up for GoxRising and will be distributed pro rata amongst them based on their share in the company.
Pierce had earlier said:
“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…”
Demeester further tweeted:
From the world's most renowned MtGox forensics expert. TL;DR: all MtGox's assets are firmly in the hands of the trustee, there has not been a change of ownership. https://t.co/Ik5HGkGh0J
— Tuur Demeester (@TuurDemeester) February 11, 2019