Renowned cryptocurrency journalist Colin Wu has recently shared insights from a poll conducted among Reddit users who received compensation from Mt. Gox in Bitcoin. The results of the poll reveal that the majority of recipients do not plan to sell their newly acquired BTC.
Key Findings from the Reddit Poll
Out of 467 participants in the poll, 55% indicated that they would not sell any portion of their Bitcoin immediately. 18% stated that they would sell all of the BTC they received, while others mentioned selling varying percentages, ranging from 1% to 50%.
Earlier this week, Mt. Gox transferred nearly $6 billion worth of Bitcoin to crypto exchanges for distribution among creditors and traders affected by the 2014 hack. Kraken, one of the recipients, plans to disburse the funds to Mt. Gox customers shortly.
Insights from Industry Experts
Bitcoin advocate Samson Mow predicts that only around 20% of the received crypto will enter the market, with the majority being stored in cold storage vaults. Additionally, data from CryptoQuant CEO Ki Young Ju suggests that whales have purchased 1.8 million Bitcoin in 2021, with significant weekly inflows.
Analysis and Implications
The decision of Mt. Gox Bitcoin recipients not to sell their newly acquired BTC could have significant implications for the market. With a large portion of the funds likely to be held in storage, the circulating supply of Bitcoin could decrease, potentially leading to increased scarcity and higher prices. Additionally, the influx of whales purchasing Bitcoin indicates strong institutional interest in the asset, further boosting its value.
Overall, these developments suggest a bullish outlook for Bitcoin, with potential price appreciation and market stability in the near future. Investors and traders should closely monitor these trends to make informed decisions regarding their cryptocurrency holdings.