NewsletterMt Gox News: Reddit Poll Shows Over 50% Creditors Won’t Sell Bitcoin
Highlights
- Over 50% of Mt Gox creditors will not sell Bitcoin after repayment.
- This comes after speculations from the market as they wait for repayment.
- A slew of users opine that institutional activity might not affect sales.
A new Reddit poll shows that over 50% of Mt Gox creditors will not sell repayment Bitcoin (BTC). As repayment moves go underway to distribute assets after a decade, creditors express delight in the development. However, industry watchers worry about the effect of the market should a bulk of users sell their Bitcoin.
Over 50% of Mt Gox Creditors Won’t Sell
A recent poll conducted on social platform Reddit shows that 55% of Mt Gox creditors will not sell after receiving repayment. 467 members participated in the online polls with 260 creditors choosing not to sell any part of the assets after the compensation. However, 18% of participants (88 voters) chose to sell all the assets while the rest chose to sell a portion and hold the rest.
26 participants elected to sell 25-50% of Bitcoin while 68 creditors opted to sell 1-25% of assets. The reasons for this happened due to the rate of global adoption of Bitcoin in the last decade. The price of assets touched an all-time high above $73,000 this year after the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
As a result, some creditors might want to sell part or a bulk of assets to make a sizable profit while others would hold on in anticipation of more gains.
Community Await Bitcoin Repayments
This month, the exchange announced that it will begin repayments of affected creditors after a decade. Mt Gox creditors are expected to receive about 140,000 Bitcoin over the coming months. This is worth an estimated $9 billion, a total 9,000% increase in the last 10 years.
A major concern for the community remains the volume and impacts on the market should Mt Gox creditors decide to sell assets. Recently the German government Bitcoin sale sparked a downward trend in the market with BTC price plunging to $55,000. However, a cross-section of the market believes Mt Gox creditor’s sales will not impact the market due to the presence of institutional investors.
Also Read: XRP Whales Buy The Dip With $139M Accumulated From Major Exchanges
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