Bitcoin Maverick Adam Back Addresses Mt. Gox Fears
Blockstream CEO Adam Back recently discussed concerns about potential market impacts tied to Mt. Gox's repayment plans, amid growing speculation on disbursements to creditors of the now-defunct exchange.
Known for backing Bitcoin fervently, Back addressed fears, commonly known as “FUD,” surrounding Mt. Gox’s repayment strategy.
In his comments, Back questioned the logic of selling Bitcoin at current market prices, given the positive outlook fueled by Exchange-Traded Funds (ETFs) and the anticipated Bitcoin halving event.
He emphasized the impracticality of selling Bitcoin at $40,000 when waiting another year could yield prices around $400,000, advocating for “HODLing,” or holding onto crypto assets long-term.
Back also highlighted that Mt. Gox pays out in Bitcoin, in contrast to the U.S. bankruptcy proceedings of FTX Official.
READ MORE: Australian Regulators Investigate Bankrupt Crypto Company That Owes Almost $60M
Recent reports indicate hope for 2014 hack victims, as Mt. Gox’s custodians verify Bitcoin addresses with creditors—a crucial step toward repayments.
This positive development contributes to Bitcoin market volatility, as former Mt. Gox users may receive repayments in Bitcoin (BTC) or Bitcoin Cash (BCH) through the exchange.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
