A well-known person with ties to Satoshi Nakamoto, the elusive creator of Bitcoin, Adam Back has made a wild guess about what will happen to $15 billion from the estate of FTX, a company that is no longer in business. This has the potential to really shake up the Bitcoin market.
After FTX went out of business in November 2022, the company filed for Chapter 11 bankruptcy. Finally, it has a plan for sharing, but it needs the Bankruptcy Court to agree to it first. Most of FTX’s restored assets would be sent to buyers and creditors all over the world if everyone agrees with the plan.
Bitcoin Users Weigh FTX Impact
People are trying to guess what will happen to the enormous quantity of currency that will be allowed to return to banks. Along with Adam Back, many other BTC users think that most or all of the $15 billion could be put back into the market, with Bitcoin making a lot of currency.
That’s because Back thinks that investors who were upset that FTX sold Bitcoin for less when it was going out of business would be happy to put any extra funds back into BTC. He believes that this rise in demand might make all cryptocurrency more valuable, not just BTC.
Even though some buyers might try other cryptocurrencies, Back believes that the vast majority will likely return to Bitcoin, seeing it as a safe haven in the rough seas of financial uncertainty.
The price of Bitcoin has gone through the roof, from $15,600 at the end of 2022 to a remarkable $74,000 now, which is a new high point in its history. This couldn’t come at a better time, as the possible flow of billions from the FTX estate will help the bitcoin market recover even more.
The community is eagerly anticipating the outcome of FTX’s marketing plan and the effects that will follow. For now, the threat of a $15 billion injection looms significant giving crypto fans all over the world both chances and problems.
