Fred Krueger, one of the leading analysts and strong advocates of Bitcoin, evaluated the possible effects of the Bitcoin distribution of the bankrupt cryptocurrency exchange Mt Gox on the market.
According to Krueger, Mt Gox will distribute approximately 100,000 Bitcoins starting in July. Research firm Galaxy estimates that 65,000 of these Bitcoins will go to individual users and at least 6,500 will be liquidated. However, Krueger states that the real figure may be twice that, that is, 13,000 BTC.
To better understand this situation, we can say that this amount is almost the same as the amount of Bitcoin that MicroStrategy (MSTR) purchased for $ 780 million four days ago. Krueger emphasizes that this acquisition of MicroStrategy makes little or no difference to the market.
Mt Gox's Bitcoin distribution will begin in July, but the exact timing is not yet known. This distribution can span several months, adding an element of uncertainty to the market.
Despite the upcoming distribution, Krueger thinks markets have already priced it in. Bitcoin's market value dropped by $120 billion last week. Krueger believes that even at a 40x multiple, the market not only accounts for, but vastly exceeds, the Mt Gox distribution.
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