Belgium has decided to auction off several bitcoins it has in police storage.
Belgium Is Set for a Bitcoin Auction
This is a tactic that has been utilized time and time again and will likely continue so long as criminals seek to perform activities utilizing bitcoin. Several of these bitcoin auctions occurred years ago after the fiasco involving Ross Ulbricht, the alleged creator of the black-market website Silk Road. The U.S. Marshals service sold off several of the bitcoins held in Ulbricht’s secret stash, making men like Tim Draper extremely rich and hardcore crypto enthusiasts.
Individuals like Draper have since taken their newfound respect for crypto to an entirely new level, as the venture capitalist recently claimed that one unit of bitcoin will potentially reach $250,000 by the end of this year, though at the time of writing, this prediction seems a little farfetched – especially considering that the currency has lost all its 2020 gains and dropped into the mid-$7,000 range yet again following fear of the spreading coronavirus turning into a global and widespread panic.
Nevertheless, bitcoin continues to be a huge draw for those looking to add to their investment portfolios. Belgium will be conducting the event in an auction house in Ireland through a company called Wilsons Auctions, though buyers and betters will hold an online presence. In addition, the company has announced that there is no reserve, so a winning bid will not be the minimum bitcoin price. Betters are therefore advised to come in hard to not miss out.
The event is scheduled for March 24 at 8 am eastern standard time (EST). Three separate cryptocurrencies will be sold: bitcoin (BTC), bitcoin cash (BCH) and bitcoin gold (BTC). Units of each will be sold separately, meaning one token at a time or less. The tactic is designed to keep things more competitive.
Mark Woods – the asset recovery executive at Wilsons Auctions – says investing in any cryptocurrency can be “risky” and scary for an inexperienced investor, though he and his company work hard to ensure traders always know what they’re getting into. He states:
We offer guidance throughout the process which means that both newcomers to the world of cryptocurrency and experienced investors can all participate on a level playing field.
A Prominent Seller
Wilsons Auctions has hosted several other cryptocurrency-based auctions in the past, including one last September that saw more than 300,000 pounds worth of crypto held by law officials in the United Kingdom sold off to prospective buyers. The company also hosted an event about one year ago, selling off more than 300 individual bitcoin units in the process.
Among the most recent auctions held by the U.S. Marshals service is one from last February. The organization sold more than 4,000 separate BTC units (approximately $39 million worth of cryptocurrency).