Mow has doubled down on his $1 million Bitcoin forecast that he gave earlier this year.
Mow also offered a comment on the mammoth-sized Bitcoin transactions made by the Mt. Gox crypto exchange today. The platform started moving Bitcoin and Bitcoin Cash in order for payouts to the creditors to start. Mt Gox transacted almost $6 billion in BTC today, causing a substantial BTC price decline.
Earlier this week, Samson Mow tweeted that he does not believe that Bitcoin will ever again decline below the $60,000 price mark. The flagship cryptocurrency has recently started to recover after the recent sell-off initiated by the German government, as it sold 50,000 BTC in multiple transactions to such crypto exchanges as Coinbase (NASDAQ:COIN), Kraken and Bitstamp.
Samson Mow does not believe the Mt. Gox payouts will have any significant impact on the Bitcoin price. He expects only 20% of that Bitcoin to hit the market. As for the remaining 80%, the Jan3 boss believes it will either be moved to cold storage wallets or will be locked in finance apps as users are likely to make some borrowings against this Bitcoin.
But Mow is certain that 100% of the Bitcoin Cash returned to the creditors by Mt. Gox will be sold by the recipients.
Bitcoin plunged by roughly 3.7% earlier today, falling back to the $62,500 zone. This decline was followed by a small recovery. As of this writing, Bitcoin is changing hands at $63,815.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
