ANDREESSEN: MtGox Is Like MF Global And Not An Existential Threat

Marc Andreessen is one of Bitcoin’s biggest supporters, having invested some $US50 million in firms dealing in the digital currency.

He also recently published an op-ed in the New York Times on how Bitcoin will change finance.

So it’s not too surprising that he remains completely undeterred by what by most accounts is the massive failure of Bitcoin exchange MtGox.

In a statement obtained by CNBC’s Becky Quick, Andreessen compared MtGox’s troubles to MF Global — which is to say, tragic for customers but not systemic to the overall Bitcoin ecosystem.

MF Global is the former brokerage run by former New Jersey Gov. Jon Corzine that in 2011 filed for bankruptcy after experiencing a massive cash shortfall.

The exact reasons for why MtGox has apparently shut down remain unknown, although there is a growing consensus that a kind of slow-drip theft by hackers exploiting a vulnerability in Gox’s wallet software ultimately drained the company of millions of dollars’ worth of Bitcoin. This may have required the use of customer funds to shore up liquidity.

Here’s Andreessen’s full comment to Quick:

He later Tweeted some additional thoughts, which echoed folks BI spoke with earlier today: that in the long run the end of MtGox will be a boon for Bitcoin:

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