Becoming more bullish on crypto - doubt there will be much more selling from the Mt. Gox trustee

in bitcoin •  last year 

With the recent crash I'm actually becoming more bullish on bitcoin. Under Japanese law the lost Mt. Gox bitcoins can be repaid in USD/JPY/etc rather than in bitcoins. The key thing here is that the price of BTC was $483/coin on the day of the Mt. Gox insolvency, and so this is the fixed fiat amount that needs to be repaid to claimants.

"Twice burned - How Mt. Gox 's Bitcoin Customers Could Lose Again"
https://www.reuters.com/investigates/special-report/bitcoin-gox/

In 2014, there were $460 million in lost BTC and $27 million in lost cash for a total of $487 million. As we all know, $400 million in BTC has been sold by the trustee in the past few months, which probably means that only $100 million needs to be sold for the the original Mt. Gox creditors "to be made whole."

Sure, the trustee could liquidate all the remaining BTC all in one go and we'll see BTC at $1,000, but I don't think this will happen.

Ironically there's a good chance that Karpeles will make out like a bandit in this.

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Upvote me,

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Sorry, can't. I only upvote folks who contribute new information.