Bitcoin Exchange Mt. Gox's $9 Billion Panic Is "Exaggerated"

A senior investment analyst warns that Mt. Gox-induced panic is exaggerated, he thinks.

Swan Bitcoin senior analyst Sam Callahan, Mt. He pointed out that the users who expect to receive a refund from Gox are long-term investors.

Mt. Gox concerns are exaggerated

Mt. Bitcoin exchange, which went bankrupt in 2014. Gox's bankruptcy administration plans to repay creditors in the first week of July.

Mt. Gox's bankruptcy administration collected 140,000 Bitcoins from several different wallets last month. But Mt. It is unknown how many of these will be distributed to Gox creditors over the next month.

Swan Bitcoin senior analyst Sam Callahan said, “Mt. "The impact of Gox's Bitcoin distribution on the price of Bitcoin is probably exaggerated," he said.

Investors have been waiting for years

The main reason for this, according to Callahan, is that Mt. The people who will receive payments from Gox in Bitcoin are long-term investors.

“Creditors who wanted to sell Bitcoin had more than 10 years to sell their claims to longer-term investors,” Callahan said.

“In addition, most creditors will probably keep their Bitcoins because they cost more than $700 per Bitcoin,” the senior analyst said.

Despite the decline earlier this week, Bitcoin is still changing hands at $61,160, well above $700.