The main line of thinking on bitcoin is that the recent round of selling pressure is related to the distribution of the 141,000 bitcoin from the Mt. Gox bankruptcy. It’s hard to imagine that was 10 years ago but at the time bitcoin was trading at around $600.
It will likely turn out that holding assets in an exchanged that was hacked for as much as 950,000 bitcoin will turn out as one of the greatest investments of all time. At today’s price of 57,350, that’s a return of nearly 10,000%.
The question is: What will the former users do? The market appears to be betting that some liquidation is coming. The bitcoin to be distributed represent 0.7% of outstanding bitcoin, so you would think it could be easily absorbed but many times in BTC, narrative matters more than price action.
The…
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