Mt. Gox Creditors Still Prefer Bitcoin to Fiat

In July, Mt.Gox started repaying Bitcoin to its creditors, 10 years after the Japanese exchange collapsed into bankruptcy. The customers had been waiting for 10 long years for this day to come. However, the reactions of those affected are particularly noteworthy.

As a recent poll in the Reddit Mt. Gox community showed that most of the respondents revealed their plans to hold onto their Bitcoins rather than selling them. A prolonged ordeal doesn’t frighten them and they are ready to wait longer. In particular, only 20% of respondents decided to sell their Bitcoin payouts entirely. 56% expressed their willingness to hold BTC, while the remaining respondents are considering partial sales.  

In my view, these creditors exemplify true crypto enthusiasts and Bitcoin believers. Their patience is extraordinary. Even a decade after the hack, they prefer to hold onto their Bitcoin, recognizing its potential value and understanding that its price may skyrocket. It’s a clear sign of the deep commitment present within the crypto community.  

For context, Mt. Gox was the largest crypto trading venue when it was hacked in 2014. It handled 70% of global Bitcoin transactions in the world. Hackers stole 850,000 BTC, 4% of all Bitcoins in circulation at that time. 10 years later the trustee has recovered 36% of the total debt and has begun replaying it to creditors.

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