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In a major development that’s got the crypto world buzzing, Mt. Gox is finally ready to pay back its users. The infamous Bitcoin exchange that went bust in 2014 will start giving out money in July 2024. This news has sent ripples through the crypto market, with Bitcoin’s price taking a hit.
Mt. Gox owes a whopping $8.5 billion worth of Bitcoin to about 127,000 people. These traders and investors have been waiting for over ten years to get their money back. The exchange’s trustee, Nobuaki Kobayashi, says they’ll pay in both Bitcoin and Bitcoin Cash.
Here’s the kicker: Mt. Gox is set to hand out 141,686 Bitcoin. That’s a huge amount, worth nearly $9 billion at current prices. This massive payout has got investors worried. They fear it could flood the market with Bitcoin, pushing prices down.
Is the Mt. Gox Payout Fears Overblown?
Some experts think these fears might be overblown. Galaxy Digital’s Alex Thorn believes only about 65,000 Bitcoin might actually hit the market. Why? Many creditors are longtime Bitcoin fans who might want to hold onto their coins.
creditors have been stuck in mt gox bankruptcy for 10+ yrs–finally trustee says in-kind distribution of #BTC #BCH will begin in july. we think fewer coins will be distributed than people think & that it will cause less #bitcoin sell pressure than market expects
here’s why 👇
— Alex Thorn (@intangiblecoins) June 24, 2024
The news of these payouts has already shaken up the crypto market. Bitcoin’s price dropped below $60,000 when the news broke, though it’s since bounced back a bit. The big question now is: What will happen when the payouts actually start?
Some analysts, like Tony Sycamore from IG Markets, think a lot of the worry is already baked into Bitcoin’s current price. He points out that people have known about these payouts for a while.
Sycamore also notes that Bitcoin has strong support at its 200-day moving average, which could help prop up the price.
Bitcoin Cash Is Where the Worry Should Be At
Interestingly, Bitcoin Cash might face even more selling pressure. Many Mt. Gox creditors got Bitcoin Cash for free after a 2017 split in Bitcoin. They might be more willing to sell these coins.
This Mt. Gox saga is a big reminder of how far the crypto world has come. Back in 2014, Mt. Gox’s collapse shook the entire Bitcoin ecosystem. Now, it’s just one factor among many affecting the market.
As we head towards July, all eyes will be on how these payouts unfold.
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