Auctioning stolen digital assets has been seen as a widely accepted move by the digital asset community to teach malicious actors a lesson. Several illegal entities have always looked to several cryptos, especially the privacy coins, to carry out illicit activities, including money laundering, terrorism financing, etc.
In what would be described as very welcomed news coming out of Finland, the country’s customs department has announced the auction of a large chunk of Bitcoin, which was seized by drug dealers who intended to use it as a means to facilitate several payments. Even though most people have applauded the move, others are questioning why the sale is coming at a time when Bitcoin is making massive gains and not when it was officially seized.
Seized Bitcoin now worth $75 million
According to the latest reports, the Finish customs authority would look to sell about 1,981 Bitcoins in the next couple of days. Even though reports claimed that the Bitcoins were seized from several parties, they also said that a huge chunk of the seized Bitcoin was gotten from a wanted drug lord captured during a drug bust. When authorities seized the Bitcoins, the price of the digital asset was worth a little above $850,000 but has now seen the figure rise over the years, with all the Bitcoin worth close to $75 million.
The authority initially planned to sell the entire Seized Bitcoin during a sale they planned to hold in 2018. Still, several high office holders kicked against it, stating that it could return to malicious actors’ arms because its price was still very low.
The latest report has also calmed down claims that the Finish customs were holding the Bitcoins to get their gains from it as they mentioned that they were beat up over the fact that the Bitcoins could do more arm out in the open than in their confines.
Bitcoin continues to grow in leaps and bounds
As at this moment, the regulatory body would not be concerned about what people say as their patience has finally paid off as Bitcoin has rapidly grown in value over the last few years. This sale is coming when Bitcoin is making a huge bullish run, breaking previous all-time high records and setting new ones as the day progresses. Bitcoin is presently moving close to the $40,000 price mark as several regulatory entities have been unable to place their hands on the reasons why the digital asset is making such a sporadic rise.
At the start of the pandemic, Bitcoin witness a massive price crash but has since made several bullish runs to give investors and traders profits to end last year. With several experts predicting inflation amongst several top countries, including the United States of America, high-value investors are now swiftly moving to pool their wealth in Bitcoin as a hedge.
One of those who has turned a believer in Bitcoin is Michael Saylor, the CEO of Microstrategy. Initially, Saylor was against Bitcoin coming into 2020 but was converted as a believer in the digital asset towards the end, which has seen his firm amass nothing less than $500 million worth of the digital asset.