Leading Analyst Predicts Mt Gox Distribution Impact on Bitcoin Price
Cryptocurrency expert, Fred Krueger, has provided insights into the potential effects of the Mt Gox Bitcoin distribution on the market. Krueger anticipates that Mt Gox will release around 100,000 Bitcoins to its creditors, with 65,000 BTC going to individual users and at least 6,500 BTC being sold. However, Krueger suggests that the actual number could be higher, potentially reaching 13,000 BTC.
To put this into context, this amount is similar to the $780 million worth of Bitcoin recently purchased by MicroStrategy (MSTR). Despite this significant acquisition, Krueger notes that it had minimal impact on the market.
The distribution is expected to commence in July, although the exact timeline remains uncertain. This uncertainty adds a layer of unpredictability to the market. Despite this, Krueger argues that the market has already factored in this event. Last week, Bitcoin’s market value decreased by $120 billion, indicating that the market has not only considered but has also surpassed the impact of the Mt Gox distribution.
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