Mt. Gox creditors started receiving Bitcoin and Bitcoin Cash via Kraken. The payment comes after Kraken last week received 48,641 BTC worth over $3 billion from the Mt. Gox Rehabilitation Trustee to give creditors 48,641 BTC worth over $3 billion. Following this development, the price of Bitcoin and BCH plummeted. Meanwhile, veteran analyst and trader Peter Brandt recommended Bitcoin as Elon Musk questioned the value of the US dollar.
Mt. Gox starts BTC and BCH payments, prices drop!
Mt. Gox creditors, creditors of collapsed crypto exchange Mt. Gox’s creditors have started receiving Bitcoin (BTC) and Bitcoin Cash (BCH) transfers via crypto exchange Kraken. Following this development, the Bitcoin price fell by 2.23% on a daily basis. BCH, on the other hand, took a deeper hit. The altcoin price lost 7.8% altitude on a daily basis.
The payment was made on July 16 from the Mt. Gox Rehabilitation Trustee to distribute to Kraken’s creditors. Gox Rehabilitation Trustee on July 16 to distribute to creditors. The exchange expected creditors to receive their funds back within one to two weeks. Crypto tracking firm Arkham found that Mt Gox had previously moved 42587.49 BTC, worth around $2.8 billion, to new addresses.
Bitcoin legend breaks silence on BTC value
Peter Brandt, a trading legend with decades of experience, shared his thoughts on the weakening US dollar and why he sees Bitcoin (BTC) as a solid bet to preserve value. Brandt noted that when he was born, a dollar could buy a dollar’s worth of goods, but now it has just 0.05 cents of its original purchasing power. According to Brandt, this sharp decline in the value of the dollar makes Bitcoin look like a promising store of value.
This comment follows Elon Musk‘s recent post questioning the current state of the dollar’s value. The article also drew a comparison between the decline of the US dollar and the hyperinflation that plagues the Zimbabwean dollar, revealing the sentiments of the masses and influential figures on the current economic situation.
Weak dollar = Strong BTC?
As you have been following on Kriptokoin.com, the debate around the erosion of the dollar and the potential of Bitcoin is not new. On the same day, financial expert Robert Kiyosaki also expressed his views on US inflation. Kiyosaki, known for his book “Rich Dad, Poor Dad”, suggested that Bitcoin could rise to $100,000 by next August as a hedge against inflation. Brandt’s latest post echoes this growing sentiment. Brandt believes that the US dollar is rapidly depreciating along with other paper currencies. Brandt predicts that within the next decade, a new system for settling payments and storing value will emerge.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
