Belgian Government Will Auction $125,000 in Bitcoin This Month

The Federal Government of Belgium is auctioning nearly $40 million in bitcoin. This is the first public online auction of crypto in Ireland.

March 9, 2020 | AtoZ MarketsWilsons Auctions, an Ireland-based auction house, announced on Friday that it will initiate the selling of €110,000 (around $125,000) in cryptocurrencies on behalf of the Belgian federal government.

First public online Bitcoin auction in Ireland

As detailed by the auction house, the online auction will commence on March 24 at 12 noon (GMT) and will run for 24 hours. The auction has no minimum price reserve—allowing crypto holders a new opportunity to get in as low as possible.

According to the announcement, up for sale is Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Gold (BTG). To attract retail buyers, the auction house will split Bitcoins across lots ranging from 0.25 to 1 Bitcoin. Meanwhile, other cryptocurrency lots will have a higher number of tokens.

Conducted by the Dublin-based entity of the auction house, there is a deposit of €500 (almost $571) registration deposit for buyers willing to participate in the auction.

“Wilsons Auctions is delighted to be holding its next auction of seized bitcoin, even more so because this will be the first of its kind in Ireland,” Mark Woods, asset recovery executive at Wilsons Auctions, said.

A transparent way of liquidation

The auction house also conducted multiple similar auctions for the Belgian government last year. Then, it sold Bitcoin and Monero, also providing storage facilities for the seized digital currencies.

“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 utilizing online exchanges, which can be a risky and daunting process,” Woods added.

He also believes that the auction process will provide a “level playing field” to both novices and experienced participating investors.

Last month, the U.S. Marshals Service auctioned off over 4,000 BTC with larger lots, of up to 2,500 BTC. While various governments choose to auction off their seized cryptocurrency, as reported Finland controls over $16.2 million worth of BTC it hasn’t offloaded via an auction over concerns it may end up in criminals’ hands again.

Do you believe that participating in the auction is a smart move for investors? Do you think that the seized Bitcoin should have an alternate fate? Let us know in the comments below!

Share Your Opinion, Write a Comment