Australia Sell-Off $11.5 Million Confiscated Bitcoins

Australian Bitcoin Auction

In the upcoming month, there will be an auction of 16 million Australian dollars’ worth of confiscated bitcoins in Sydney. It will be first of its kind auction taking place outside the United States because of the rise in the demand of digital currency in the last two years. The organizer of the auction financial services group Ernst and Young states that the auction will take place on June 20-21 and constituting 24,518 coins.

There were more than 170,000 bitcoins auctioned by the US marshals in 2014 and 2015. The bitcoin is extremely familiar among the underground market places users and criminals. The reason behind that is the transactions remains unidentified and does not require any institution.

Ernst and Young further states that the confiscated increases the crime. They were not ready to disclose their client. According to a local news report, an Australian man convicted of drug trafficking confiscated bitcon in 2014. However, the department of justice’s spokesperson don’t comment stating commercial considerations.

The partner of the Ernes and Young Adam Niktiins states that the interest of the asset management managers, investment banks and currency exchanges are expected in the Europe and North America.

Since 2012, there is up to 4 times increase in the bitcoin transactions as stated by the Nikitins. He further states that the clients are taking a lot of opportunities after using this technology. The people from outside the Australia can also participate in the auction.

The price of bitcoin reaches to $530 on Friday which is the highest since August 2014.  The trade also consisting the Chinese Yuan accounted as the 95 percent of the trading volume of the bitcoin. However, in circulation, the total market value of the bitcoin is around $ 8 billion.

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