Large Mt. Gox Creditors Are Unperturbed by Looming Bitcoin Distribution
- Speculators have been buying claims since 2014 bankruptcy
- Tokyo-based Mt. Gox was once the largest Bitcoin exchange
Big creditors and long-time market participants don’t foresee a lasting hit to Bitcoin’s price.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
As the defunct exchange Mt. Gox inches closer to returning roughly $9 billion in Bitcoin a decade after filing for bankruptcy, crypto investors are increasingly fretting that will dampen prices. Perhaps they shouldn’t be.
The price of the largest cryptocurrency slumped earlier this week after Mt. Gox’s Japanese trustee began moving tokens around in digital wallets. In a May 28 note, trustee Nobuaki Kobayashi said it plans to start distributing Bitcoin and Bitcoin Cash to creditors in “a while.” A majority of the claimants are expected to receive tokens before the end of October.