1 Reason Investors Should Have Confidence in Bitcoin
The news of crypto exchange FTX declaring bankruptcy and how it got to this point represents a low point for the crypto industry -- but not for all cryptos, more specifically, Bitcoin (CRYPTO: BTC). Bitcoin is the oldest cryptocurrency, and throughout its tenure, it's been at the center of some of the most infamous events in crypto history. One of those puts the recent FTX meltdown to shame. Yet despite these events, Bitcoin continues to operate as it has since it was invented in 2009.
Unlike today, when there are seemingly dozens of crypto exchanges and thousands of cryptocurrencies in circulation, it wasn't that long ago when there were only a few exchanges, and Bitcoin was just one out of a couple of dozen options for cryptocurrency investors. The exchange was known as Mt. Gox, and at one point in 2013, it was responsible for handling over 70% of the world's Bitcoin trades.
For those that don't remember, Mt. Gox's history was riddled with controversy and slip-ups before eventually declaring bankruptcy in 2014. In the years leading up to 2014, Mt. Gox suffered a handful of lawsuits, hacks, security breaches, and even lost users' Bitcoin. These events began to compound and eventually pushed the exchange over the edge.
Source Fool.com
