We don’t know exactly what will happen to bitcoin’s price when Mt. Gox creditors start getting back some of their long-lost funds. While the worst case scenario isn’t that bad, it probably won’t happen, gckaloudis writes.
After eight years of holding the bag, creditors of the famed, failed bitcoin exchange may soon get at least a sliver of their money back. While that might sound like good news at a time when the crypto market could really use some, some are worried about the prospect of Mt. Gox customers dumping their newly reclaimed BTC. While the situation bears watching, such fears may be overblown.
Creditors are able to choose between receiving their reimbursement in native currency or opt for the trustee to liquidate the entirety of their claim into cash. Payment dates and specific payout amounts weren’t outlined in the. Every creditor will also receive some of their payout in cash, even if they didn’t have any on Mt. Gox.
That said, Mt. Gox wasn’t able to get back the stolen bitcoins, so the trustee is not actually paying out 850,000 BTC to creditors.around 141,686 BTC, 142,846 bitcoin cash and 69,776,002,441 yen . So instead of a one-time 850,000 BTC liquidation, a worst-case scenario would look like this: 100% of creditors opt for the trustee to liquidate, and the trustee opts to do that all in one fell swoop and sell 141,000 BTC. That represents 8.8% of total daily exchange volume.
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