Mt. Gox and the U.S. Government Could Introduce Selling Pressure on Bitcoin Worth $15 Billion
The rise of Bitcoin could slow down in September as Mt. Gox and the U.S. government might introduce additional selling pressure worth nearly $15 billion.
Over $14.8 billion worth of Bitcoin could soon flood the market, further driving down the price.
The U.S. government holds over 203,000 Bitcoins worth $12.1 billion, while the defunct crypto exchange Mt. Gox will distribute an additional 46,000 Bitcoins worth over $2.7 billion.
Mt. Gox planned to distribute $2.7 billion before the end of 2024 on the Kraken exchange, but according to a report by crypto analytics company Kaiko on August 29, these payouts are unlikely to have a significant impact on the market:
“Kraken processed BTC ETF flows with only a minor increase in slippage at the close of the U.S. market. Its liquidity profile suggests that any additional selling pressure from Mt. Gox payouts is unlikely to cause structural problems that could affect the broader market.”
Mt. Gox creditors have been waiting over 10 years to receive more than $9.4 billion worth of Bitcoin, which has since increased in value by over 8,500%, meaning that many investors will likely want to sell.
