Unchained
Why the Mt. Gox Repayments May Not Hurt the Bitcoin Price Much - Ep. 666
Jun 28, 2024
Alex Thorn, Head of Research at Galaxy, discusses the looming Mt. Gox repayments of 142,000 Bitcoin and why he believes only a small fraction will actually be sold. He points out how this could stabilize Bitcoin prices rather than destabilize them. Thorn also elaborates on the possible success of Ethereum ETFs and the uncertainty surrounding Solana ETF approval. He highlights Bitcoin Cash as a potential market wild card amidst these changes, painting a picture of a nuanced crypto landscape.
44:17
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Quick takeaways
- Despite fears, only a small fraction of 142,000 bitcoins from Mt. Gox will likely be sold, dampening market impact.
- Approval of Ethereum ETFs and potential Solana ETF filing point to growing interest in crypto ETFs.
Deep dives
Mt. Gox Bitcoin Distribution
A total of 142,000 bitcoins worth approximately $9 billion will be repaid to creditors, allowing early creditors to choose between an immediate partial payment or hold out for a complete refund, influenced by an 11% discount. Creditors can receive their bitcoins through platforms like BitGo, Kraken, or Bitstamp after years of legal processes and account setups.
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