In the coming days/weeks you will see many articles about Mt. Gox this Mt. Gox that.
Most of them will be posts written by AI from accounts that have little to no knowledge about crypto. And their tone will be to scare you because that's the kind of topic that sells easy, not because it's the truth.
I have been in crypto since 2011 and i was trading on Mt.Gox.
Things you should understand:
1. Mt.Gox coins will have little to no impact on the price of Bitcoin. While 144k coins may seem like many, it's really not. That's not even half of daily volume...
2. If there is an impact, it will be positive. Why? See most people actually do not want to give their bitcoins away, which is problematic for whales so they ocassionally drop the price to buy more for less... Whales want your bitcoins and you are not selling them many that are near current price. What does that tell us? They will swallow whatever new coins market throws at them and MT. Gox coins are like new coins... They were out of circulation for a decade.
It's fair to assume that some MT. Gox users will sell their bitcoins. Some, not all. And these that will sell, will not sell all of them either. So what number are we really talking about? Lets assume half. Ok so it's no longer 144k coins but 72k coins.
Now let's spread 72k coins over 7 weeks.. It will take at least this long for all the refunds to be processed. We end up with an average of 10k coins per week or +1k a day.
What is 1k coins a day in a market with volume +300k a day? Nothing really, drop in the ocean.
So stay calm people... Stay calm. If anything, fresh MT.Gox coins will fix the stagnation. And will be that trigger for another leg up.
#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #MtGoxJulyRepayments #MtGox
