Categories: News

Australia Looks To Sell Million In Bitcoins

When it comes to cryptocurrency, there is only really one that anyone speaks about. Bitcoin is a digital currency that has found itself in turbulent times recently. With platforms like Steam looking to accept the currency, the currency is looking to take on new life and with police in Australia looking to sell off million in bitcoins, you might be able to grab some cheap.

With 24,518 bitcoins confiscated by the police in Australia, they’ve decided that the best way to make use of the currency is to in fact sell them off at auction in blocks of 2,000. With each block having a market value of roughly £725,711, the value of which can go up or down, with it being estimated at £680,000 when it was originally reported by the BBC.

The firm organising the auction, Ernst & Young, would only provide the source of the bitcoins as “confiscated as proceeds of crime”. This is backed by the Victoria Asset Confiscation Operations department who “confirmed it had recently taken possession of 24,500 and would try to make the most of it”.

With it estimated that bitcoins are generated at a rate of 4,000 per day, with any large sale negatively affecting the price of the currency. This is, in turn, the reason for the blocks of bitcoins, avoiding a sudden influx of currency being traded for the digital currency.

Gareth Andrews

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