A recent survey conducted on the Reddit MtGox forum has shed light on the intentions of users to sell their bitcoins after receiving compensation from the platform. The survey asked members about the percentage of bitcoins they plan to sell immediately upon receiving the funds. Out of the 467 members who participated in the vote, the majority response came from 260 users who stated that they have no intention of selling their bitcoins, accounting for 55% of the votes.
This hesitation to sell stands in stark contrast to the stance of 88 members, representing 18% of the voters, who indicated that they will sell all of their bitcoins. Moreover, 68 participants, accounting for approximately 15% of the total, expressed their intention to sell between 1% and 25% of their assets, while 26 people, making up around 6%, plan to divest between 25% and 50% of their bitcoins.
The primary objective of the research was to gauge the potential selling pressure that could arise from members affected by the Mt. Gox situation. The exchange, which experienced one of the largest cryptocurrency hacks in 2014 resulting in the loss of 850,000 bitcoins, continues to have repercussions on the market. Despite recovering approximately 20% of the stolen tokens, Mt. Gox has extended the deadline for repaying creditors to October 31, 2024, marking a decade of waiting for some form of resolution.
The platform’s administrators have reaffirmed this new deadline, which significantly extends the originally scheduled date. Meanwhile, a report from UBS suggests that the bitcoin payment from Mt. Gox could have an impact on market prices, although it is not expected to cause significant destabilization. The UBS report emphasizes that “the Mt. Gox payment may affect bitcoin prices due to the large number of tokens being released, but it will not destabilize the market.”
Please note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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