Bitcoin's first auction will take place on March 17, 2021. During this event, the house Kapandji Morhange will put on sale 611 BTC seized by the French State. The operation could bring in up to 26 million euros to the State.
In recent years, the Seized & Confiscated Assets Management and Recovery Agency (AGRASC) has seized more than 1300 Bitcoin, representing more than 55 million Euros. This agency is responsible for organizing the seizure, confiscation and resale of all assets purchased by criminals (cars, houses, properties ...).
Recently, part of the confiscated BTCs left the agency's Bitcoin portfolio. This information is public: it is easily accessible on the blockchain, the decentralized registry on which the Bitcoin protocol is based.
Against all odds, these cryptocurrencies seized by the French government will be put up for sale at a judicial auction scheduled for March 17, 2021 in Paris.
"A Parisian investigating judge, in the context of a judicial inquiry opened by the cybercrime section of the Paris Public Prosecutor's Office, gave us a mandate to sell 610 Bitcoins, another Bitcoin comes from a final confiscation from a jurisdiction in the south of France," explains Nicolas Bessone, Director General of AGRASC, in Le Figaro.
THE GOVERNMENT WOULD POCKET 26 MILLION EUROS BY SELLING THE SEIZED BITCOIN.
Kapandji Morhange, the auction house in charge of the sale, will make available to buyers 437 lots of 0.11 to 2 bitcoins from March 17 at 9am. Starting at 2 p.m., 42 lots from 5 to 20 bitcoins will then be sold by auction. "Bitcoin is divisible up to three digits after the decimal point.
Smaller units will be dispersed in the morning, followed in the afternoon by larger units of up to 20 units. Estimates will be set the day before the sale, based on the value of Bitcoin at time T, and auctions will start at 60% of the price," explains Ghislaine Kapandji, the auctioneer in charge of the sale.
In view of the explosion of Bitcoin's price, this auction could bring in up to 26 million euros to the French State. At the time of writing, the mother of all cryptocurrency is trading between 48500 and 50,000 dollars.
After soaring to the $60,000 mark, Bitcoin has undergone a slight correction. Market observers expect the digital currency to climb to the $100,000 mark by the end of the year.