🚨DISCLAIMER!!!🚨
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🚨Mt. Gox Repayments & #Bitcoin Market Impact🚨
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The situation related to Mt. Gox repayments is over-rated. Here's why:
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Mt. Gox has started repaying its creditors, leading to concerns that this will push $BTC below $53k. However, I believe this fear is unfounded.
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While Mt. Gox held approximately 150,000 #BTC , the repayment will be made in BTC rather than USD. This means there won't be a need to market dump Bitcoin to convert it to USD. The distributed BTC will be broken down into small portions among many creditors, reducing the threat of a large-scale market dump.
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Many creditors are up significantly, potentially 100x on their BTC holdings. Selling immediately would result in a significant taxable event. While some may sell immediately, many are likely to hold their BTC, or sell overtime rather than selling immediately, reducing the potential impact on the market price.
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🚨 Mt. Gox Bitcoin Distribution Update:🚨
36% of the Mt. Gox Bitcoin has been distributed to creditors! Yesterday, 48,641 BTC was transferred from Mt. Gox Trustee wallets to Kraken Exchange. Kraken users received notifications about their BTC.
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This significant movement marks the start of the real distribution process. The trustee still holds 90,344 BTC to be distributed over time. Stay tuned for further updates as the distribution continues!
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Source charts are below:
