Chinese law to govern ownership of 61,000 BTC
On October 12, the UK High Court ruled that Chinese investors’ claims to Bitcoin in the Lantian Gerui case should be determined under Chinese law. The funds involved amount to RMB 40.2 billion (about £4.1 billion).
The devices and keys seized by UK police in 2018 contain 61,000 BTC. So far, the court has only determined which country’s law applies; no distribution plan has been finalized, and eligibility of the claimants remains unresolved.
At current prices, that’s a substantial pool of BTC. Unless it reaches exchanges in the short term, it won’t create direct selling pressure. BTC’s price action will still depend on spot-market volume.
If those 61,000 BTC really do reach the liquidation and distribution stage, do you think they’ll be sold off first or locked up for the long term?
$BTC $ETH $SOL
On October 12, the UK High Court ruled that Chinese investors’ claims to Bitcoin in the Lantian Gerui case should be determined under Chinese law. The funds involved amount to RMB 40.2 billion (about £4.1 billion).
The devices and keys seized by UK police in 2018 contain 61,000 BTC. So far, the court has only determined which country’s law applies; no distribution plan has been finalized, and eligibility of the claimants remains unresolved.
At current prices, that’s a substantial pool of BTC. Unless it reaches exchanges in the short term, it won’t create direct selling pressure. BTC’s price action will still depend on spot-market volume.
If those 61,000 BTC really do reach the liquidation and distribution stage, do you think they’ll be sold off first or locked up for the long term?
$BTC $ETH $SOL