• UBS strategists recently published a report saying that the upcoming Mt Gox payouts won’t destabilize Bitcoin’s value.
• Creditors have until March 10th to choose a repayment scheme and payments are expected to occur around September 2023.
• The UBS strategists believe that while there may be some impact on Bitcoin’s value, it will not be significant.
UBS Report on Upcoming Mt Gox Payouts
A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value.
Creditor Payment Options
Creditors have several options to choose from when it comes to repayments. They have until March 10th to choose a repayment scheme and payments are expected to happen around September 2023. Users looking to be paid in crypto must sign up and register for a selected centralized crypto exchange to handle the repayment option.
Impact of Payouts on Bitcoin Value
The 142,000 bitcoin (BTC) today is worth more than $3.36 billion using current exchange rates. The UBS strategists think that the cause for concern over the distribution of these funds may be overhyped in regard to its potential impact on Bitcoin’s price.
Stash of Bitcoin Cash & Cash Payments
In addition, there is also a stash of 142,000 bitcoin cash (BCH) worth over $19 million and $510 million or 69 billion Japanese yen worth of cash available as part of this rehabilitation plan.
Conclusion
„It’s certainly difficult to estimate the extent to which the market has been pricing massive sales coming from Mt Gox,“ explained Kachkovksi’s and Malcolm’s note, „However, we think such news could have been an additional factor for what we believe could be mainly retail-led — Bitcoin’s surprising resilience of late.“
Mt Gox Payouts Won’t Impact Bitcoin Value, UBS Market Strategists Claim