A recent poll conducted on the Reddit MtGox forum revealed insights into users’ plans regarding the sale of bitcoins following the compensation promised by the platform. The survey inquired about the proportion of bitcoins members intended to liquidate immediately upon receiving them. In total, 467 participants cast their votes, with the majority—55%, or 260 users—indicating they have no plans to sell their bitcoins.
This reluctance to sell stands in stark contrast to the 88 members, representing 18% of respondents, who expressed their intention to liquidate their entire bitcoin holdings. Furthermore, 68 participants, making up around 15% of the total, indicated they would sell between 1% and 25% of their assets, while 26 individuals, or approximately 6%, plan to offload between 25% and 50% of their bitcoins.
The primary aim of this research was to gauge the potential selling pressure that could arise from members affected by the Mt. Gox incident. The exchange, which experienced one of the largest cryptocurrency hacks in 2014, resulting in the loss of 850,000 bitcoins, continues to impact the market. Although it has managed to recover about 20% of the stolen assets, Mt. Gox has postponed the deadline for repaying creditors to October 31, 2024, marking a decade of waiting for some semblance of resolution.
In related news, the platform’s administrators have confirmed this new deadline, which significantly exceeds the initial timeline. Meanwhile, analyses from firms like UBS suggest that payments from Mt. Gox could potentially influence market prices in the cryptocurrency sector, though major destabilization is not anticipated. The UBS report noted, “The Mt. Gox payment may have some impact on bitcoin prices given the volume of tokens being released, but it is unlikely to destabilize the market.”
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The opinions and views expressed by the author or anyone mentioned in this article are purely for informational purposes and should not be construed as financial, investment, or other forms of advice. Engaging in cryptocurrency investment or trading involves a risk of financial loss.
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