Unchained

Why the Mt. Gox Repayments May Not Hurt the Bitcoin Price Much - Ep. 666

4 snips
Jun 28, 2024
Guest
Alex Thorn
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.
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INSIGHT

Mt. Gox Creditors Unlikely to Sell

  • Mt. Gox creditors are unlikely to sell all of their Bitcoin because most of them are long-term Bitcoin holders.
  • Many creditors refused earlier offers for their claims, suggesting a preference for holding.
INSIGHT

Market Impact of Mt. Gox Distribution

  • The market impact of Mt. Gox Bitcoin distribution will be less significant than many anticipate due to the creditors' diamond hands.
  • However, a large transfer of coins to exchanges could still spook the market temporarily.
INSIGHT

Bitcoin Cash Impact

  • The distribution of Bitcoin Cash from Mt. Gox may significantly impact its price due to low liquidity.
  • None of the original Mt. Gox creditors purchased Bitcoin Cash, as it forked after the bankruptcy.
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