Reddit MtGox Study Indicates HODL Trend Among Bitcoin Users

 

A recent survey conducted on the MtGox Reddit forum has shed light on users’ intentions to sell their bitcoins after receiving the promised compensation from the platform. The survey asked members about the percentage of bitcoins they intend to liquidate immediately upon receipt. A total of 467 members participated in the poll, and the predominant answer, with 55% of the votes, came from 260 users who stated that they had no intention of selling their bitcoins.

This hesitation to sell contrasts sharply with the stance of 88 members, or 18% of voters, who said they would sell all of their bitcoins. In addition, 68 participants, or about 15% of the total, indicated that they would sell between 1% and 25% of their holdings, and 26 people, or about 6%, plan to sell between 25% and 50% of their bitcoins.

The main objective of the survey was to understand the potential selling pressure that could emanate from members affected by the Mt. Gox situation. The exchange, which suffered one of the largest cryptocurrency hacks in 2014, resulting in the loss of 850,000 bitcoins, is still having repercussions in the market. Despite having recovered around 20% of the stolen tokens, Mt. Gox has postponed the deadline to repay creditors to October 31, 2024, an extension that marks a decade of waiting for some kind of resolution.

The platform’s administrators have reaffirmed this new deadline, which extends well beyond the date originally planned. Meanwhile, analysis such as that of UBS suggests that the Mt. Gox bitcoin payment could influence cryptocurrency market prices, although it is not expected to cause significant destabilization. The UBS report noted that “the Mt. Gox payment could have some impact on bitcoin prices, given the size of the tokens being launched, but would not destabilize the market.”

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