If I can get my bitcoin paid back at $483, then I will take the cash please!
Why would anyone want a $235 bitcoin refund when they can get $483 per bitcoin refund?
I'll take the cash and buy twice the amount of Bitcoin, that'll do me nicely!
Thats not how it works. I asked the same question and got this answer.
The chances to get something back are very good, provided that 1) you establish your claim and 2) your claim amount isn't really small (for claims below JPY1,000, the trustee has said that you will still get the payout, but you might have to come pick up your money - not practical for most people).
We don't know the percentage and it will depend on undetermined factors, such as how many people decide to make their claim. Some have speculated that it might be around 20% based on some public information, but it isn't certain.
All currencies including BTC will be considered in terms of their value in JPY when MtGox went bankrupt. These values will be used to determine your pro rata share of the total remaining assets. If you request a payout in BTC, the amount of BTC you receive would be your pro rata share of JPY converted to BTC at the current market rates.
I quoted all the answer since the other info is noteworthy too. But they all calculate in JPY, if you chose bitcoins then you will get the amount of bitcoins you could buy at the current market price for the amount of JPY.
So basically for people only having FIAT money in Gox, the best thing would be if they actually used today's BTC prices. That way the amount all the holders of BTC get gets smaller compared to the prices at Gox's downfall. But I do understand that the way they're doing it makes most sense and is the one complying with the regulations.