Australia should soon be dubbed the “bitcoin auction king” as $19 millions worth of BTC is now being sold in, what is expected to be, a highly contested public auction. The U.S. Marshals Service held the largest bitcoin auction last year where four winners walked away with $14M worth of BTC. The Bitcoins were seized from the now defunct illegal online drug trading company, Silk Road.
The Australian bitcoin auction is a result of the largest BTC seizure in the country’s history. They were sized from a private citizen and BTC investor accused of taking part in the EU’s drug trade. The bitcoin market has reacted positive to the news; shooting BTC price to its highest value two years ago.
The auction was announced on May 3o, 2016 with a collection of 24,518 BTC worth $19m at announcement time. A single bitcoin price almost double since the last time a BTC auction was help. The U.S auction attracted a record number of investors, but we’re not certain it will be the case