The crash of one of the largest Bitcoin exchanges this week has sent Boston Bitcoin entrepreneurs scrambling to defend the digital currency's reputation and increase its stability.
Mt. Gox, a Tokyo-based Bitcoin exchange, halted trading this week and went offline, and a document reportedly leaked from the exchange said $365 million in bitcoins are missing. Bitcoin, an online currency that is not backed by a central authority, has gained momentum in recent months. Overstock.com and the Sacramento Kings both began accepting the digital currency recently.
The price of one Bitcoin on Mt. Gox fell from $330 on Sunday evening to $131.71 when transactions were halted. The average price of one Bitcoin across all exchanges has fallen by nearly $100 since the weekend to about $500.
"Despite the promise of digital currency, and Bitcoin in particular, we cannot ask consumers to foot the bill while the technology and the industry endures inevitable growing pains," said Jeremy Allaire, founder and CEO of Circle, a Boston startup building a payment system for Bitcoin.
Alex Peterson, CEO and co-founder of Vis Nova Ventures, said there will be fallout that will hamper Bitcoin's acceptance for consumers.
"It's a PR issue," he said. "Right now it's going to hurt what we're doing."
Vis Nova plans to install a Bitcoin ATM in Cambridge in the coming weeks.
Chris Yim, co-founder of Liberty Teller, a Bitcoin ATM company, said about 20 percent of customers asked about the Mt. Gox news at Liberty Teller's ATM in South Station.
"People are already interested in Bitcoin," Yim said. "We can help correct their perceptions of it."
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