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Bitcoin [BTC]: Cryptocurrencies auctioned for over 300,000 euros after seizure




Bitcoin [BTC]: Belgium auctions off seized cryptocurrencies for over 300,000 euros
Source: Unsplash

The association of Bitcoin [BTC], the largest cryptocurrency by market cap, with the darknet marketplace has been long-known to people around the world. Its association dates back to the infamous days of the Silk Road, the most popular darknet marketplace that accepted only Bitcoin as a mode of payment.

Now, the coin is back in the news after a recent report by VRT claimed that Bitcoins seized during a search operation were auctioned for over 300,000 euros. Two drug-peddling Belgian citizens were the target of this search operation, the report said.

The police seized around 105 Bitcoins during the search operation conducted in 2015. It was later decided by Minister of Justice, Koen Geens, to auction these stolen Bitcoins through the Central Agency of Seizure and Confiscation. A Northern Irish auction house, which specializes in the auction of luxury cars and watches along with cryptocurrencies, was given the responsibility of the auction.

A total of 318 Bitcoin, Bitcoin Gold, and Bitcoin Cash was auctioned. It was also reported that there was high demand for the auction, with the bidding house receiving 6,400 bids from over 100 countries across the globe. The total money raised through this auction was stated to be 332,987 euros.

Speaking about the seizure and the subsequent auction, Minister of Justice, Koen Geens said,

“We want to hit criminals where it really hurts, in their wallets”

The act didn’t go unnoticed in the online community as Koenklaver, a Redditor, said,

“If only they did this with the cash they find too. Buying 100k cash for only 33k. That would be great. These people have No idea what they are doing”

JeroenDiercix, another Redditor, said,

“Looks like a bargain too: 332 987 euro (376 051 USD) for 318 bitcoins, bitcoin cash and bitcoin gold.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

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