What will happen with Bitcoin and Mt. Gox Post-hack? I’m Bullish

14 and 1/2 hours after the hack that has shaken Mt. Gox and the Bitcoin currency to its core, the question should be asked: Now what?

Will Bitcoin holders resort to a massive selloff once they see their accounts reflect new values (Mt. Gox is saying the market will level at 17.5$/BTC) after the reversals have been completed?

I’m betting they will. But then what?

Then, buy!

The recent event, and numerous other cases of fraudelent activity will undoubtedly lead sites like Mt. Gox to revamp their entire back-end security system. It won’t be perfect, but the bunkers will be dug deeper and the walls reinforced futher. Security will continue to improve around online transactions involving the Bitcoin currency. That is why, after the selloff, you must buy. Buy more and more as it falls and then wait for the overraction to dwindle. Much like any economic/market crash, speculation will drive the value of Bitcoins towards a bottom – only to be supported and immediately lifted.

I will enjoy a front row seat watching the price of Bitcoins fall as many shaken Bitcoin holders selloff – buying up more and more as the price heads to the bottom.

Bitcoin (as an online currency) will not die today or tomorrow. Security will improve and the currency will normalize and climb higher in the coming weeks.