Mount Gox Creditors Unlikely to Sell Bitcoin, Says Research Firm CEO

IconCryptoNewsTerminal Staff30 Jul, 2024

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Mount Gox Creditors Unlikely to Sell Bitcoin, Says Research Firm CEO

According to Cointelegraph, Ben Simpson, CEO of crypto research firm Collective Shift, commented on the lack of significant price movement in Bitcoin (BTC) following news of the exchange transferring $3 billion in BTC to three separate anonymous addresses. Simpson believes that the recipients are likely Mt. Gox creditors who have been waiting for years to regain their funds and are now unlikely to sell their BTC. Simpson stated, "These are Mt. Gox creditors who are now whole again, and they bought their bitcoin five to ten years ago, so they are believers in bitcoin as an asset... The market has already priced in the fact that they are unlikely to sell." He highlighted the difference between the actions of the Mt. Gox creditors and the recent sale of BTC by the German government, which he attributed to liquidity needs.

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