By
Godfrey Benjamin
December 27th, 2023
William Quigley, a managing director of Clearstone Venture Partner in Santa Monica, and a member of investors group aiming to buy and resuscitate the bankrupt exchange, recently appeared on CNBC channel to discuss the current situation. As it was announced on 10th April, the investor group offered to buy Mt. Gox for a price of […]
William Quigley, a managing director of Clearstone Venture Partner in Santa Monica, and a member of investors group aiming to buy and resuscitate the bankrupt exchange, recently appeared on CNBC channel to discuss the current situation.
As it was announced on 10th April, the investor group offered to buy Mt. Gox for a price of only 1 BTC.
Apart from Quigley, the investor group includes John Bett, a former Morgan Stanley and Goldman Sachs executive, Brock Pierce, a technology inteupreneur and venture capitalist.
Quigley said: “You have to understand, of course, that Mt. Gox is much more that just the assets that it has. The company still has a very important role in the continuation of bitcoin.”
William Quigley mentioned earlier, that as a part of the plan John Betts would take a position of the new Mt. Gox CEO.
Mt. Gox’s uncertain situation
During the interview Quigley pointed out that Mt. Gox had huge losses that equaled to several hundred million dollars. William’s point of view regarding such a problematic situation that Mt. Gox has now is exchange’s careless practices.
He backed up his belief with a comment: “The company didn’t start as a bitcoin exchange. The measures that we would all put in place when bitcoin is worth $1,000, those weren’t thought important when bitcoin was trading at a penny or 10 cents.”
Quigley said 1BTC payment for Mt. Gox is a token, stating: “I want to put the one bitcoin term in context. That is a symbolic amount. It’s akin to what we do in the US when we buy a business that has a negative net worth.”
Investments in bitcoin businesses
Quigley stated in the interview that his interest in Mt. Gox exchange is simple. At the moment there are a lot of money invested in a lot of bitcoin businesses.
He sees a great future for bitcoin and believes Mt. Gox has a very important role in it, regarding the past of Mt. Gox, as the world’s biggest exchange that was having almost $500 million worth of bitcoin transactions monthly.
Moreover, Mt. Gox had a tremendous amount of customers before its security system got hacked.
Moreover, Quigley stated that he and his group will bring the exchange back to life: “Our plan, of course, is to take the exchange, fix the security issues and rehabilitate it.”
“I would say there really is a great future for bitcoin. My belief is that we have a tremendous opportunity, at least certainly in the next year,” he added.