Collapsed bitcoin exchange Mt. Gox is about to unload $9 billion of coins onto the market.
Today, the world’s largest cryptocurrency is trading at about $61,000 per coin. That means users opting to be reimbursed in-kind — that is, in the cryptocurrency itself, rather than the cash equivalent — have seen the value of their coins surge over 10,000% in the last decade.
“Many will clearly cash out and enjoy the fact that having their assets stuck in the Mt. Gox bankruptcy was the best investment they ever made,” said Glover, who was previously a managing director at Barclays. “Some will clearly choose to take the money and run,” added Glover.