Majority Of Mt. Gox Users Will Sell Their Bitcoin Immediately Upon Receipt: Analyst

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According to finance analyst Jacob King, the Mt Gox repayments might add $8.2 billion worth of additional selling pressure to Bitcoin’s price. In an X post on July 4th, King wrote ‘No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex-clients are going to be sold off’. The prediction comes hours after Mt. Gox began repaying its debts in Bitcoin and Bitcoin Cash. This has also raised concerns about the Bitcoin price which has been struggling to gain traction for over a month, currently trading at $55,325.