Adam back, renowned ally of Bitcoin creator Satoshi Nakamoto, has made a bold prediction about the fate of the billions of dollars recovered from the FTX estate. After filing for Chapter 11 bankruptcy, which caused the market to crash in November 2022, the company has now proposed a plan to distribute the majority of its assets to creditors and customers around the world.
Adam back, renowned ally of Bitcoin creator Satoshi Nakamoto, has made a bold prediction about the fate of the billions of dollars recovered from the FTX estate. After filing for Chapter 11 bankruptcy, which caused the currency collapse in November 2022, the company has now proposed a plan to distribute the majority of its assets to creditors and customers around the world.
As the plan awaits bankruptcy court approval, speculation is rife about how the recovered funds will be used. Adam Back weighed in on the conversation, suggesting that a significant portion, if not all, of the $15 billion could return to the cryptocurrency market, particularly BTC.
Back’s sentiment arises from the belief that disgruntled investors, angered by FTX’s selling of Bitcoin at a low price during its collapse, would eagerly reinvest their new assets into the cryptocurrency, increasing demand and potentially driving up the price. even more.
He went further to suggest that while some may diversify into other currencies, most would likely return to Bitcoin, considering it a safer and more reliable investment option.
This prediction comes at a time when the price of Bitcoin has risen from $15,600 at the end of 2022 to a staggering $74,000 as a new all-time high this year, highlighting the resurgence and profit potential in the bitcoin market. cryptocurrencies.
With the prospect of a multi-million dollar influx of funds, the community is anxiously awaiting the outcome of FTX’s wealth distribution plan and the impact it could have on the market.
