🔒 Ten years of waiting, faith remains: Mt. Gox creditors continue to hold Bitcoin in the downturn
🕒 After a decade of waiting, Mt. Gox creditors finally began to receive repaid Bitcoin. According to reports, a total of more than 140,000 Bitcoins will be used for repayment, and 59,000 Bitcoins have been returned to creditors.
🤔 However, despite market concerns that this may lead to a large-scale Bitcoin sell-off, data shows that most creditors chose to continue holding Bitcoin when the market was down in the past few days.
🌐 Therefore, some people believe that the price plunge of Bitcoin this time was not caused by Mt. Gox's repayment, but was driven by other macroeconomic factors such as labor data, increased unemployment, and the Bank of Japan's decision to raise interest rates.
💰 Although Mt. Gox has repaid some Bitcoin (about 59,000), the remaining more than 80,000 Bitcoins are about to enter the repayment process, which also brings certain uncertainties to the market.
📉 However, the confidence of long-term holders in Bitcoin has not been shaken by short-term fluctuations. They value the long-term development potential and application scenarios of Bitcoin and blockchain technology. Especially during market corrections, long-term holders are relatively less likely to sell Bitcoin, especially those who have held Bitcoin ten years ago. Their tolerance for market fluctuations must be far greater than that of ordinary investors.
🚀 Binance Research representatives pointed out that it is not surprising that Mt. Gox creditors continue to hold Bitcoin, because the value of Bitcoin in their hands has increased by more than 100 times. Faced with such huge gains, they are more able to withstand the impact of short-term fluctuations.
🤷♂️ There is also a view that Mt. Gox creditors have not yet sold Bitcoin on a large scale, perhaps because they are waiting for an ideal price point. However, this potential selling pressure may also add some uncertainty to the market, but I believe that the long-term value of Bitcoin will increase over time, there is no doubt about it.
💬 Do you think Mt. Gox creditors will continue to hold Bitcoin? Are they waiting for a higher ideal price? Or, is there a potential selling pressure in the market on the next round of repayments from Mt. Gox?
