❗How to digest the selling pressure of 9 billion US dollars❗
The trustee of Mt.Gox announced that it will start the repayment of Bitcoin (BTC) and Bitcoin Cash (BCH) in early July 2024. The trustee of Mt.Gox holds about 140,000 Bitcoins, worth about 9.26 billion US dollars.
Will the compensation cause the market, which has just started to improve, to continue to decline?
Multiple sources show that the compensation may be based on the gold standard, and will not directly involve Bitcoin.
In December 2023, several creditors, including Yuzo Gana, the founder of Japan's top exchange bitFlyer, said on social media that they had received partial compensation. The compensation was in the form of Japanese yen, and no compensation for tokens such as BTC was involved. In January 2024, a creditor in Poland also said that he had received repayment, saying that 80% of his claim was returned in US dollars through bank transfer.
Moreover, many of the first people to come into contact with Bitcoin are industry pioneers and technical experts, and most of them may already be wealthy. Even if they receive compensation, they may not sell directly.
The impact on the market should be smaller than expected, but it is an opportunity for us to build a position.
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