Bitcoin Cash

Bitcoin

Billion

The post <a href="https://coinpedia.org/news/mt-gox-to-release-9-billion-in-bitcoin-investors-worry-but-should-they/" rel="noopener noreferrer nofollow">Mt.Gox to Release $9 Billion in Bitcoin: Investors Worry, But Should They?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The upcoming release of $9 billion worth of Bitcoin by the defunct exchange Mt. Gox is stirring up quite the buzz among crypto investors. Everyone’s worried about the potential impact on Bitcoin prices. But let’s break it down and see if the panic is warranted at all.
After staging a remarkable recovery earlier this week, the price of Bitcoin took a hit. Why? The Japanese trustee of Mt. Gox, Nobuaki Kobayashi, started moving around tokens in wallets. A May 28 note from Kobayashi mentioned plans to distribute Bitcoin and Bitcoin Cash to creditors soon.&nbsp;
Most claimants are expected to get their tokens by the end of October. This has investors biting their nails, fearing a hard consolidation. The trustee holds over 140,000 Bitcoin and a similar stash of Bitcoin Cash.&nbsp;
Bloomberg analysts <a href="https://www.bloomberg.com/news/articles/2024-05-31/large-mt-gox-creditors-are-unperturbed-by-looming-bitcoin-btc-distribution?utm_campaign=socialflow-organic&amp;utm_content=crypto&amp;utm_medium=social&amp;utm_source=twitter" rel="noopener noreferrer nofollow">estimate</a> that about 75% of these tokens would be paid out to creditors who chose early reimbursement with a small discount this year. That’s nearly 95,000 Bitcoins set to hit the market this year. The remaining creditors will get their full payout in a few years.
However, big creditors and long-time market players don’t foresee a lasting negative impact on Bitcoin prices. They believe the recent approval of US exchange-traded funds will absorb the influx of tokens. Many of these seasoned investors plan to hold onto their coins or sell them gradually, betting on a continued price increase.
Take Adam Back, CEO of Blockstream Corp., for instance. He’s one of the creditors who plans to keep any distributed Bitcoin. According to Back, selling at the start of a bull market doesn’t make sense. If you’ve waited a decade, what’s another year or so? Some folks might need the liquidity, but that’s likely a small group. Most people moved on or wrote off their losses years ago.
The bitcoin market has matured significantly since Mt. Gox went up in flames. Claim holders need to ask themselves whether they need the money now or if it’s better to hold onto Bitcoin as a long-term value store, given its stellar performance over the past 15 years.

Mt.Gox to Release $9 Billion in Bitcoin: Investors Worry, But Should They?

CoinPedia News

2024年5月31日公開の他の記事

Bitget's Brings Ultiverse's Token (ULTI) on Pre-Market (31 May)

Crypto Hacks & Frauds of May 2024: Here Are the Top 2 Victims!

CARV brings on Animoca Brands as strategic investor and node operator

Tether invests $150M in Jihan Wu’s crypto mining firm Bitdeer

BlockDAG Presale Thrives Stepping Forward With 30,000x ROI Potential As Retik Finance’s Price Nos...

Bitcoin Dips Below $20,000

ニュースレターを購読して暗号資産の最新情報を毎日入手！