1.Late August-Mt.Gox exchange pay out
In the early days of crypto, am talking about 2010; a new exchange was setup with its headquarters in Japan.
It emerged as the biggest crypto exchange.
It had people’s trust, it handled large volumes, (approximately 70% of all bitcoin transactions worldwide), it was the hope for crypto.
A few years later in 2014, it was hacked!!!!!!!
Bitcoin close to worth $500m was hacked. Hackers stole 740,000 from the clients and the 100,000 bitcoin from the company Mt.Gox itself.
They managed to recover 200,000 bitcoin.
They sold 24,000 #bitcoin in 2017 which were priced at 19,000 (before the 85% crash to $3000).
Fast forward,by the end of this month ,August this year, 137,000 bitcoin will be released to its customers after the US Federal courts intervened. This will equal to the recent Black swan events that we have experienced recently; Luna and 3Arrows capital, if they all decide to sell.
If they they decide to sale,will this be another capitulation event????
Let’s give this amount of bitcoin perceptive;
•Original price per bitcoin: $483
•Current price per bitcoin: $24,000
•Current total value: $3.3 billion
That’s 6500% price increase, or a 50x return.
Mt.Gox asked the customers to choose a coin of their choice to be paid, that is, either bitcoin, ethereum or bitcoin cash.
But the biggest bet is that most will choose Bitcoin.
According to Economics; all other factors held constant, when supply is increased, price will be low.
End of August, let’s wait for new supply in the market.
Let's link up on twitter