In a recent development surrounding the Mt. Gox saga, renowned Bitcoin advocate Samson Mow has downplayed concerns related to the unlocking of Gox coins. The controversy arose as Mt. Gox reportedly sent emails to users, seeking confirmation of their ownership of the exchange address accounts tied to Bitcoin payments.
As creditors continue to receive compensation in Japanese yen through their PayPal accounts, with repayments set to extend into 2024, Mow addressed the speculation surrounding the release of Mt. Gox's substantial holdings. The exchange is slated to distribute 142,000 BTC, 143,000 BCH and 69 billion yen among its creditors.
Mow, known for his fervent support of the "$1 million per BTC" narrative, asserted that the unlocking of Gox coins is not a significant factor. He suggested that creditors, having endured a decade-long "HODLing" period, are unlikely to rush into selling. Mow emphasized that even if some choose to sell, it will not be a mass exodus, and the market can easily absorb the potential influx.
"Number go up"
Responding to a follower's concerns about the market impact, Mow maintained his confidence, stating that the economic weight of potential sellers is not a cause for concern. The Bitcoin bull urged creditors, who may have initially sought fiat gains, to reconsider their decision in the face of the Bitcoin's "number go up" phenomenon, questioning what alternative assets could provide comparable gains.
As Mt. Gox continues its compensation process, the crypto community watches closely, with Mow's dismissal of concerns providing a counter-narrative to fears surrounding the potential market impact of an infamous exchange's coin liquidation.