Bitcoin Evangelist Adam Back Shuts Down Mt. Gox 'FUD'

Blockstream CEO Adam Back recently addressed concerns over potential market impacts related to Mt. Gox's repayment plans.

Back's comments come amid a backdrop of increasing speculation about long-awaited disbursements to the creditors of the now-defunct exchange.

Clarifying market misconceptions

Back, known for his staunch support of Bitcoin and his role in the cryptocurrency's early development, took to X to dispel fears, commonly referred to as "FUD" (fear, uncertainty and doubt), surrounding Mt. Gox's repayment strategy. 

Related

Wed, 01/24/2024 - 14:35

Shiba Inu (SHIB) Jumps 5% to Lead Meme Coin Resurgence, Will It Add One Zero?

Godfrey Benjamin

In his post, Back questioned the logic of selling Bitcoin at current market prices, considering the positive outlook fueled by upcoming Exchange-Traded Funds (ETFs) and the anticipated Bitcoin halving event. 

He pointed out the irrationality of selling Bitcoin at $40,000 when waiting another year could potentially yield prices around $400,000, citing the benefits of "HODLing," a community term for holding onto crypto assets long-term. 

Back also stressed that Mt. Gox is paying out in Bitcoin rather than the greenback, contrasting this approach with the U.S. bankruptcy proceedings of FTX Official (which sold assets for legal expenses).

Are Mt. Gox repayments finally coming? 

There is a glimmer of hope for those affected by the 2014 hack. Recent reports indicate that Mt. Gox's custodians are in the process of confirming Bitcoin addresses with creditors, a crucial step toward making repayments.

This is a positive sign for long-waiting victims, but it is contributing to the current volatility on the Bitcoin market.

A message sent to former Mt. Gox users indicated that the rehabilitation trustee had disclosed their details to the cryptocurrency exchange or its custodian. This would allow them to receive repayments in Bitcoin (BTC) or Bitcoin Cash (BCH), with the exchange acting as their agent.