In brief
- Belgium is auctioning a big Bitcoin haul.
- The Bitcoin will be sold with no reserve.
- Bitcoin Cash and Bitcoin Gold are also on sale.
Belgium is placing over €110,000 ($125,000) worth of Bitcoin (BTC) and altcoins under the hammer. The auction, announced Friday, has no minimum price reserve—allowing crypto holders a new opportunity to get in as low as possible.
The sale, held in Dublin by Willson’s auctions on behalf of the Belgium Federal Government, is set to start at noon on GMT on March 24. According to the announcement, up for sale is Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Gold (BTG). The Bitcoin, specifically, is to be sold off in fractional lots of 0.25-1. The altcoins, however, will be auctioned for larger amounts.
“The format has proven popular with our customers, who are able to bid online and purchase cryptocurrency from an established and trusted auction house instead of utilising online exchanges, which can be a risky and daunting process,” said Mark Woods, asset recovery executive at Wilsons Auction.
“We offer guidance throughout the process, which means that both newcomers to the world of cryptocurrency and experienced investors can all participate on a level playing field,” he added.
The sale will mark Ireland’s first public auction of seized cryptocurrency funds. While the exact origin of the seized funds is undisclosed, Aidan Larkin, Wilsons Auctions’ Asset Recovery Director, noted that auctionable cryptocurrencies often stem from global insolvency practitioners and law enforcement agencies.
Timing the Bitcoin market
This latest crypto disposal follows the $31 million auctioned by the US government last month.
As reported by Decrypt, little over 4,000 in government seized BTC was flipped on February 18. Of the BTC forfeited, nearly $200,000 came from a case involving two Alabama drug dealers, the rest derives from various federal criminal, civil, and administrative cases.
These auctions have proven extremely fruitful for crypto investors in the past, such as venture capitalist Tim Draper and Digital Currency Group CEO Barry Silbert.
At a US marshals crypto auction held in 2014, the pair nabbed an immense amount of BTC, with Silbert bagging the lion’s share at 48,000 BTC, and Draper snatching a respectable 30,000 BTC.
At the time, Bitcoin held a price tag of around $350—providing a total 2,140% return on investment based on today’s prices. In total, that’s $624 billion.