140,000 bitcoin. Hard to imagine the turbulence they will cause when they decided to sell.
The last time 30k bitcoin went to auction, coin price dropped more than 20% and then recover when someone paying above market rate the the coin.
Its interesting they only decided to sell 30k, im guessing they just hedged their bet and are holding out for higher prices/long term holders on the rest.
I think they were trying to receive the maximum price for the bitcoin they were selling. If they sold it all at once then the average price would likely be much less and would likely be able to sell it for more overall if they sold them over a greater amount of time.
Well with the price right now lower they would have likely sold it for much more. Was over $600 at time of sale ? Also they sold in lots im not sure the full 140k would have killed bitcoin if sold. I think its a decent hedge to sell 30k my guess is they wont sell anymore until we are in the thousands and by then maybe they wont sell?
I don't think that Draper would be able to buy all 140k bitcoin if they were all on the auction block at one time. I also would doubt that any of the exchanges would be able to buy the bitcoin at a price that is even within 25% of the selling price at the time.
I don't see how there could possibly be enough demand for that much bitcoin to be bought at one time in those large of blocks.
I agree. I think that Tim Draper likely has access to a lot of money, but probably not enough to buy all 140k bitcoin. I think the reason coinbase and other exchanges were bidding was likely because they were hoping to buy them at a discount and sell them to their customers at the current market rate. This would potentially give coinbase an incentive to sell (and buy) bitcoin for a lower then market rate, causing the overall market prices to decline.
