Mt.Gox, once the largest cryptocurrency exchange, transferred more than $9.6 billion worth of Bitcoin in one day
Mt.Gox transferred 141,604 Bitcoins in one day, with a price of more than $9.6 billion. Many people are worried that Mt.Gox will dump the market, causing Bitcoin to plummet, but the former CEO of Mt.Gox assured that Bitcoin will not be sold in the near future. Although Bitcoin has fallen, it is not much.
Mt.Gox was once the largest cryptocurrency exchange. It went bankrupt due to a hacker attack in 2014. In October 2022, it opened creditors to register claims. In January 2024, it announced that it would begin to unlock Bitcoin to repay creditors. These more than 140,000 Bitcoins transferred are part of Mt.Gox's compensation plan. The custodian is transferring Bitcoin to different wallets to prepare for possible distribution this year.
My opinion on this matter is that there is no need to worry at all. If so many coins are to be sold, they should either be sold in bulk or slowly in the market, so as to maximize the benefits. If they are all sold quickly in the market, the price of Bitcoin will plummet, and the money that can be sold will be less. This does not conform to objective logic. Of course, it is not ruled out that Mt.Gox is out of its mind and sells directly in the market. In this case, if there is still money when the price plummets, just buy Bitcoin boldly.
My opinion on the Bitcoins currently held is to continue to hold them. If there is still spare money, it is okay to buy some Bitcoins now. There is no problem at all. Don't think about buying high and selling low, and don't think too highly of yourself, otherwise it is easy to fall into a big trap.
