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Author Topic: Finland Announces: Millions of Dollar Bitcoin (BTC) Goes For Sale!  (Read 74 times)
Beserabya (OP)
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January 08, 2021, 12:50:07 PM
 #1

Tulli, known as Finland's customs unit, sells the 1,961 Bitcoin it seized from criminals in 2016. According to a local news source, the value of the funds seized in 2016 is currently over $ 76 million.
DdmrDdmr
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January 08, 2021, 01:35:55 PM
Merited by paxmao (2)
 #2

USA usually sells decommissioned BTC through auction such as this one: https://www.usmarshals.gov/assets/2020/febbitcoinauction/ (we’ll see how the proceed with the 69k BTC they’ve recently got their hands on from Silk Road, via Individual X).

Reading though a couple of articles on the matter, it seems that Finland does not have much of a track with these type of situations. The nearly 2K BTCs were decommissioned in 2016, after busting a darknet drug marketplace, alongside a few other similar drug related busts.

The authorities were set to sell the BTCs in 2018, but refrained, being afraid that the BTCs would end up in criminal hands again (really …). They even pondered destroying them (presumably, by throwing the keys away), but withheld.

Come early 2021 ATH, concerns have withered, and an urge to convert them to fiat has suddenly surfaced, above all prior reserves. The things that ATHs can manage ...


See: https://decrypt.co/53511/finnish-authorities-are-selling-76-million-in-seized-bitcoin
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January 08, 2021, 02:06:08 PM
Merited by paxmao (2)
 #3

Beserabya, if you may be worried that this sale will affect the price of BTC in any negative sense you don't have to worry - this amount is almost insignificant at a time when BTC trading volume in the last 24 hours is over $98 billion.



Come early 2021 ATH, concerns have withered, and an urge to convert them to fiat has suddenly surfaced, above all prior reserves. The things that ATHs can manage ...

It is not clear to me why the option to destroy private keys is not a realistic option and why it is a problem for them that has been debated for the past 4 years? Finland is a fairly rich country with a good standard and some research say that it is the happiest country in the world, so I don't see that $76 million in the budget will mean anything too much to them. But if you're already selling something, there's a huge difference between $400 and $40 000 per coin Wink

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