Mt Gox investment fund reportedly chooses to receive advance payment in Bitcoin
According to a recent report by Bloomberg, Mt Gox Investment Fund, which bought claims on the cryptocurrency trading platform, has no plans to dump Bitcoins that are expected to be returned later this year.
The fund opted to receive an early payment in September instead of waiting for the conclusion of all legal proceedings related to the stock market crash. The payment will constitute 90% of the total amount to be collected, of which approximately 70% in Bitcoin and 30% in cash. However, the exact amount of Bitcoin the fund expects to receive has not been disclosed.
UBS strategists said the upcoming Mt. Gox bankruptcy repayments are unlikely to impact the price of Bitcoin. His strategist suggests that the market impact of refunds is hard to predict and most of them are unlikely to hit the market as most early adopters are still crypto believers.
Creditors are expected to receive funds in September, with the option to choose fiat or crypto payments.
As reported by U.Today, the deadline for discharged creditors to register their payment preferences has been extended. The new screening and registration deadline is March 10, giving creditors more time to complete the process.
The Mt. Gox rehabilitation plan has been in development for several years. The exchange went bankrupt in early 2014 following a massive hack.