Will Mt. Gox Crash Bitcoin (BTC)? The Governing Body of the Coin Bureau weighs in on a potential crypto crisis

A prominent crypto analyst is shedding light on the possible impact of the upcoming Mt.Gox bankruptcy payments on the value of Bitcoin (BTC)

A prominent crypto analyst is shedding light on the possible impact of the upcoming Mt.Gox bankruptcy payments on the value of Bitcoin (BTC).

MT. The now defunct Gox collapsed in 2014 after it was hacked by an attacker who stole 850,000 Bitcoins worth around $500 million at the time.

Trustee of Mt. Gox announced in July that the now-defunct exchange is planning early refunds of former customers under its bankruptcy recovery plan, raising fears that BTC could flood the market. electronic money. death.

But the host, nicknamed YouTube's Coin Bureau, said he doesn't think the refund will have a major impact on Bitcoin's price.

“Many are worried that this could create a lot of selling pressure, which will obviously drive crypto prices down. For now, I personally don't think this is a big deal, at least it's certainly not something I'm particularly worried about.

And there are a few reasons for this. Firstly, I'm pretty sure a lot of BTC was bought by institutions, whales, other high net worth investors quite a while ago, maybe dollars from Mt. That Gox. So when BTC was finally unlocked, it was actually bought by other entities. "

The analyst also believes that the majority of holders will choose to hold their BTC as Bitcoin is so much lower than its all-time high. He predicts the market will come under "a little bit of selling pressure", but nothing to worry about.

 

Aug 24, 2022

A- A A+
0 0