The US Marshals Service announced Thursday that it will hold an auction next month to dispose of 3,813 bitcoins, worth a cool $52 million at today's price. The coins were seized in "various federal criminal, civil, and administrative cases".
Selling off Bitcoin is a routine process for the US Marshals Service, but the recent boom in cryptocurrency has meant that the enforcement arm of the judicial system is now essentially gambling in crypto-currency. Given the massive price swings that Bitcoin has experienced in the last three months, the precise timing of an auction could have huge implications for how much money the courts receive. But for investors, the simplistic nature of the auction and the large number of coins involved present a one-off opportunity to make a tremendous profit.
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The US government is cashing in on the Bitcoin hype originally appeared on BGR.com on Thu, 11 Jan 2018 at 23:54:04 EDT. Please see our terms for use of feeds.