Bitcoin Forum

Victorian government to sell $9.3 million in seized bitcoins

The Victorian government will sell millions of dollars worth of bitcoins on the open market in coming months after taking possession of assets confiscated from a Warrandyte drug dealer.

http://www.smh.com.au/technology/technology-news/victorian-government-to-sell-93-million-in-seized-bitcoins-20150316-1lzyg2.html

Another chance for the billionaire(s) to show continued interest in Bitcoin.
These auctions tend to show how strong the market is when you have a "trusted" seller.

That's a lot of bitcoins. About $7.3 million U.S. dollars I think. That may be enough to reduce the price a bit.

It might fluctuate the price but the market always corrects itself eventually. This is however yet another opportunity for the media etc. to tie bit coin to crime/terrorism/pedophilia etc.

More, beyond the USA auctions? I wonder how markets will take a hit from all these coins distributed in one go... Hope it sells above market price.

Beyond that, it's a good opportunity to buy coins, in big quantity and safely outside exchanges... There will always be buyers :)

Sure will be nice to get all these auctions officially behind us once and for all. It's getting way past annoying at this point.

I don't know if BTC auctions will ever be over. The cops will continue to confiscate bitcoins if they are the proceeds of crime and unless there going to use it themselfs they will have to sell them.
I think we will always see BTC auctions, it's just that the amounts will probably get smaller as time goes by and the price (hopefully) goes up.

It is not confirmed that the coins will be sold through an auction. The government might just decide to dump it in the exchanges.