Mt Gox Will Return Creditor Funds About 138 Thousand Bitcoins, BTC Price Will Go Down?

More than one hundred thousand Bitcoins will be sent to Mt Gox creditors. (Photo; Doc. Unsplash)

JAKARTA - Bitcoin has been on a downward trend over the past 30 days due to the uncertainty created by the US SEC investigation and the Silvergate crisis. However, according to reports, Bitcoin will not continue to decline in the future.

According to CoinSpeaker, Mt Gox creditors will receive their payments in Bitcoin which could trigger a sell-off in the market. Mt Gox creditors are expected to receive around 138 thousand Bitcoins (BTC), worth around 3 billion US dollars (equivalent to IDR 46 trillion), on March 10.

This can trigger a Black Swan event in the crypto market. However, whether creditors will sell the Bitcoin they receive is still a question. Mt Gox creditors also have 143 thousand Bitcoin Cash (BCH) worth around 19 million US dollars (IDR 291.9 billion).

As additional information, the Black Swan event is often referred to as an unexpected event that can trigger major consequences in a system. The United States economic crisis in 2008 is a clear example of the Black Swan event which triggered a huge impact around the world.

In 2008, the US housing market experienced a significant decline in prices, which in turn triggered the global financial crisis that affected the entire financial sector.

Some of the factors that led to the Black Swan event in the American economic crisis were government housing policies, risky banking practices, and the role of a complex housing market. These events sparked bank collapses, mass job losses, and loss of asset values ​​around the world.

Even so, experts believe that creditors will hold on to Bitcoin rather than selling it. In November 2021, the Bitcoin price hit a high of 69 thousand US dollars (about IDR 900 million at the time). However, it should be noted that the two largest creditors chose payment options that do not force the sale of Bitcoins. They took the lump sum payment option which will be paid in September.

However, a Bitcoin sell-off could create selling pressure in the market. Currently, the price of Bitcoin is in the range of IDR 344 million per coin. BTC has decreased by 0.4 percent in the last 24 hours. Bitcoin has a market cap of around 432 billion US dollars which is equivalent to IDR 6.6 quadrillion based on CoinMarketCap data.