TL;DR
-
Mt. Gox recovered approximately 138,000 BTC (~$4 billion USD) which it will return to its creditors in October.
-
The US government has seized BTC in recent years and now has ~205,000 BTC (worth about $6 billion USD today).
-
The big questions on people’s minds are: what happens when those creditors see their money for the first time in, say, ten years? And when will the US government start selling their BTC?
Full story
Everyone knows some of the famous BTC whales – Michael Saylor/MicroStrategy, Cathie Wood/ARK Invest etc.
But there are two whales making “waves” (bad pun, stick with it) in the markets right now…Mt. Gox and the US government.
Mt. Gox was a crypto exchange that closed in 2014 after a enormous hack . When we say huge, we mean ~$25 billion at current valuation was stolen from Mt. Gox customers and the company itself.
Mt. Gox recovered approximately 138,000 BTC (~$4 billion USD) which it will return to its creditors in October.
The US government has seized BTC in recent years and now has ~205,000 BTC (worth about $6 billion USD today).
The big questions on people’s minds are: what happens when those creditors see their money for the first time in, say, ten years? And when will the US government start selling their BTC?
On the one hand, $6 billion+ is a lot for the market to absorb.
On the other hand, the Gt. Bringing Gox and the US Gov back into circulation isn’t necessarily a bad thing – it would bring more liquidity to the markets and could boost trading.
For now, it is unclear when the US government will unload their BTC, if ever.
As for long-term investors, while it’s something to keep an eye on, overall it won’t have a big impact.
