Bitcoin

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p>Blockstream CEO Adam Back recently <a href="https://twitter.com/adam3us/status/1750120865407082537">addressed</a> concerns over potential market impacts related to Mt. Gox's repayment plans.</p>
<p>Back's comments come amid a backdrop of increasing speculation about long-awaited disbursements to the creditors of the now-defunct exchange.</p>
<h2 id="clarifying-market-misconceptions">Clarifying market misconceptions</h2>
<p>Back, known for his staunch support of Bitcoin and his role in the cryptocurrency's early development, took to X to dispel fears, commonly referred to as "FUD" (fear, uncertainty and doubt), surrounding Mt. Gox's repayment strategy.&nbsp;</p>
<p>In his post, Back questioned the logic of selling Bitcoin at current market prices, considering the positive outlook fueled by upcoming Exchange-Traded Funds (ETFs) and the anticipated Bitcoin halving event.&nbsp;</p>
<p>He pointed out the irrationality of selling Bitcoin at $40,000 when waiting another year could potentially yield prices around $400,000, citing the benefits of "HODLing," a community term for holding onto crypto assets long-term.&nbsp;</p>
<p>Back also stressed that <a href="https://u.today/1-million-bitcoin-supporter-samson-mow-dismisses-mt-gox-concerns">Mt. Gox</a> is paying out in Bitcoin rather than the greenback, contrasting this approach with the U.S. bankruptcy proceedings of FTX Official (which sold assets for legal expenses).</p>
<h2 id="are-mt-gox-repayments-finally-coming">Are Mt. Gox repayments finally coming?&nbsp;</h2>
<p>There is a glimmer of hope for those affected by the 2014 hack. Recent reports indicate that Mt. Gox's custodians are in the process of confirming Bitcoin addresses with creditors, a crucial step toward making repayments.</p>
<p>This is a positive sign for long-waiting victims, but it is contributing to the current volatility on the Bitcoin market.</p>
<p>A message sent to former <a href="https://u.today/mt-gox-creditors-to-start-receiving-payouts-worth-billions-of-usd-in-btc-bch-this-year">Mt. Gox</a> users indicated that the rehabilitation trustee had disclosed their details to the cryptocurrency exchange or its custodian. This would allow them to receive repayments in Bitcoin (BTC) or Bitcoin Cash (BCH), with the exchange acting as their agent.</p>

Bitcoin Evangelist Adam Back Shuts Down Mt. Gox 'FUD'

Зміст

U_Today

Інші статті, опубліковані 24 січ. 2024 р.

New Cryptocurrency Releases, Listings, and Presales Today – Game Meteor Coin, ApeBond, Ice Network

Get Ready! TEAMZ WEB3 / AI SUMMIT 2024 in Japan is on the Horizon!

AI-Enhanced Malware Poses Growing Threat, Warns UK’s NCSC

Frax Finance: What is Frax and Why It is in the Spotlight in 2024?

XRP ETF: A Distant Dream Amid Regulatory Hurdles

Bitcoin ETF: Will Coal ETF Debut Damage Bitcoin’s Shine?

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!