The Mt Gox Coins are Moving!

Well folks, I had set an alert to trigger the minute someone moves any of the 137,000 bitcoins that have been locked up in the famous Mt Gox scandal. Well as you can see, someone moved about 600 coins from one of the Mt Gox wallets today!

This was a relatively small amount but it is a big hurdle for the price of BTC, because the entire supply, if sold off all at once would massively increase the supply of bitcoin and surely cause at least a short term drop. Up until now, certainly in Q3 of 2020 the supply has been severely restricted relative to the massive amounts of new buyers what with institutional money coming in to put bitcoin into retirement and investment portfolios, and PayPal coming on line as an on-ramp, allowing everyday people to purchase small amounts of bitcoin.

So I think we should be watching these accounts. If I do see more movement I’ll let you guys know!

And if you are familiar with this story, please let me know in the comments! Thanks!