🆘Warning Attention Alert Crisis 🚨
Before you consider buying #Bitcoin❗ , there's a crucial event on the horizon you need to know about.
Many are urging you to buy now, claiming it's the perfect time. However, this advice overlooks a looming issue: $9 billion worth of Bitcoin is set to flood the market all at once.
Here's the backstory: Mt. Gox, a major exchange in Japan from 2010 to 2014, suffered multiple hacks that led to its closure and the loss of 850,000 BTC belonging to its clients. Recently, 200,000 BTC were found in an old wallet format.
Japanese courts decided to redistribute 140,000 BTC to those affected, with the distribution initially set for October 2023, postponed to Oct. 2024, and now moved up to July 2024.
When Mt. Gox clients lost their $BTC , it was valued between $1 and $500. Once reimbursed, they stand to make returns ranging from 500 times to an astonishing 60,000 times their initial loss. Given this windfall will be paid out in BTC, it's likely many will sell to capitalize on these gains.
As of now, these BTC haven't been distributed, but their movement can be tracked using public Mt. Gox addresses, such as through ArkhamIntel.
Is this necessarily bad news? Not necessarily. Recall last year's $ETH unlock (Shanghai upgrade), where stakeholders saw significant gains without crashing prices. Plus,Mt. Gox clients are crypto enthusiasts who may reinvest their BTC across different crypto ecosystems, potentially shaking up Bitcoin's dominance and sparking an altcoin season.
Adding to the complexity, FTX owes its users between $11 billion and $15 billion, likely to impact the market once it's injected.
In these uncertain times, my strategy is to wait and observe. I'm closely monitoring Mt. Gox's wallets and plans to resume buying Bitcoin once all clients are reimbursed.
👨🏻💻Follow for more updates and info. Like and Share for awareness. Thank you.
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