A Treasure Hunt For Australia- Seizes 8M Pounds Of Bitcoins

Australian Bitcoins

In a recent trend of events, a collection of bitcoin amounting to about 8 million pounds is scheduled to be auctioned off By the Australian police in the month of June. Individual blocks of 2000 made from about a number of 24518 bitcoins are destined to make a fortune of around 680000 pounds as such. The presiding authority is the corresponding business organization Ernst and ‘young which clearly stated that the given bitcoins were seized during the proceedings of a case and have been withheld since they did not contribute much to the elaboration of the case in general.

The media and the press had reported that these bitcoins were seized during the arrest of a man illegally selling drugs online in the year of 2013. The amount of bitcoins confiscated is estimated to be an amount of week’s income process obtained basically through bitcoin mining.

The bitcoin is now being traded in block sizes so as to not to negatively affect the Bitcoin exchange or the corresponding market in general. The highest price bidding of bitcoin rose up to around 362 pounds n Friday which is the estimated highest level bitcoin trading since August 2014.

With the government actively involved in bitcoin trading across the world, there is quite a positive cheer on the side of the crypto currency and an effective acknowledgement of its complete legality as such.

A very similar auction has taken place when the US Marshalls Service auctioned off around 175000 bitcoins which was confiscated from the founder of Silk Road as such which in fact proved quite a helpful action to set the auctioning of bitcoin as a significant way of not treating it illegal in any aspect.

Obvious as it is, the government won’t be selling drugs off like they did for bitcoins, which is quite a proven fact that bitcoins is an emerging trend that aims to conquer the marketplace through its brilliant techniques and methodology of exquisite implementation for better and safe transactions as such.

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