Roger Ver is Betting on MtGox’s Solvency

February 13, 2014 15:00 UTC
Roger Ver speaking at LeWeb 2013. Photo via LeWeb13.

Roger Ver, also known as Bitcoin Jesus, is looking to buy MtGox bitcoins from people who believe the Bitcoin exchange may be insolvent. As reported yesterday, people are already selling their MtGox bitcoins at discounted rates on a new exchange that popped up overnight. Ver made a post on the bitcointalk forum where he stated his interesting in purchasing at least 100 bitcoins from other MtGox users. It’s interesting to see this bid of confidence from Ver after so many people in the Bitcoin community have been bashing MtGox for the past few days. Perhaps this statement from Ver will calm down some of the hysteria that is going on with MtGox customers right now.

An Insider’s Perspective

It’s important to remember that Roger Ver actually got to take a peak at MtGox’s books a few months ago. When people first became worried about MtGox’s possible insolvency, Ver released a video on YouTube where he talked about the traditional banking system’s inability to keep up with the demand from MtGox’s customers. This video is over seven months old at this point, but it goes to show that Ver might actually have some facts to back up his apparent belief that MtGox is solvent. You can watch Ver’s old statement on MtGox below:

What Do We Really Know?

If MtGox’s fiat withdrawal delays are due to problems with the traditional banking system and their Bitcoin withdrawal delays are due to transaction malleability, then perhaps the Bitcoin community has overreacted to the recent MtGox press release. Bitstamp also decided to suspend Bitcoin withdrawals on their exchange, so MtGox is definitely not alone when it comes to transaction malleability issues. At the end of the day, perhaps a poorly implemented Bitcoin client is what’s really to blame for the issues at MtGox. It seems that bad PR, rather than insolvency, could be the real problem at this exchange.


Kyle is a freelance Bitcoin writer and the Marketing Director for Bitcloud. His work has been featured on Business Insider, VICE Motherboard, Let's Talk Bitcoin, and RT's Keiser Report . You can follow him on Twitter (@kyletorpey) or send him an email.