The Mt. Gox Bitcoin payments have been waiting for a long time. The process has been going on for several years, and finally, in 2021, there is now reparation for all those affected. Prosecutor Nobuaki Kobayashi has been appointed as the rehabilitation trustee and will oversee the repayment process. This is expected to happen within a few months, and a concrete date for payments to begin has now been set.
Save the date for September
In July 2021, Mt. Gox Bitcoin payout plan, affected users have been waiting for when the payout will start. So far, claims for the money are in progress, and there are 140,000 BTC expected to be paid in full.
The latest announcement about the payment comes with a date when it will finally start. The launch date is set for September 15, 2022 Japan time. If that date sounds familiar, here’s a little reminder that this is the same date set for the completion of the Ethereum integration.
Based on the start date, the payment is expected to be completed before the end of the year. More importantly, the announcement states that payment trustee Nobuaki Kobayashi will stop accepting claims on this date to allow his lawyer to fully focus on payments.
“To ensure safe and secure payments and to avoid unforeseen damages, we request you to refrain from submitting resettlement requests during allotment, etc. suspension reference period,” the notice read.
What does this mean for Bitcoin?
The Mt. Ever since the Gox bitcoin payment plan was announced, there have been speculations about what it could mean for the value of the digital asset. At first, the rumor was thrown on the market at the same time at 140,000 BTC, which caused panic among investors. However, these rumors have been denied.
Instead, Mt. Gox Bitcoin payments are made in a certain period of time, which only deposits a certain part at a time. This shows that there is much less impact from BTC coming into the market and the price of BTC will not decrease.
One thing you should remember is that the start of the payment starts on the same day as the Ethereum integration. The merger is said to be a pre-sold event, and when some BTC enters the market, it will have a negative impact on the market.
Ultimately, BTC is expected to tank further before bottoming out. So all these events seem to be working towards an inevitable end where BTC will finally break below the previous cycle high of $19,000 once again.
Featured image from The Indian Express, chart from TradingView.com
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