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Bitcoin Bargain: German Law enforcement agency’s confiscated Bitcoin auction gets exceptional traction

Germany’s North Rhine-Westphalia Justice Ministry announced the auction of the hefty Bitcoin amount that it had seized from cybercriminals. While the auctioning off of confiscated cryptocurrencies is a routine, the response to this Bitcoin bargain was extraordinary with approximately 4,000 new user registrations on the auction platform in the last few days.


According to Bloomberg, Prosecutors in Germany are not permitted to sell seized goods on the market, henceforth this Bitcoin auction was also the cause of the German policy around seized goods including cryptocurrencies. The German law enforcement agencies had set the minimum bid at 42,400 euros, which amounts to $49,281. The minimum price was quickly replaced by the first bidder who offered 56,060 euros for the stash of seized Bitcoins.


“Each euro that’s extracted from criminal networks helps weakens them,” the Justice Ministry said on Twitter.


Bitcoin: Crypto of the century


While Bitcoin prices are currently rallying above $62K with a market cap of $1.18 trillion, at the time of reporting, getting your hands on the state auction’s discounted rates could be considered bargain of the quarter. Especially, since the implementation of the first-ever Bitcoin ETF in the US, many analysts debate that Bitcoin will easily cross the $70K price mark, with the next two months before the year ends.


Eminent players suggest Bitcoin investment


With Bitcoin’s bright future, retailers, institutions, as well as governments are seeking to get the OG crypto for a fair price before entering Web3. Last week, El Salvador’s president, Nayib Bukele took to Twitter to rant about Bitcoin’s weekly correction being too small to be bought as a dip. However, this further strengthened Bukele’s stance on Bitcoin, confirming that the President who implemented the world’s first-ever Bitcoin legal tender still believes in BTC regardless of the substantial backlash.


Furthermore, earlier today, Anthony Scaramucci, the founder and managing partner of SkyBridge Capital also reinstated Bitcoin’s dominance, asserting that Bitcoin is going to be a “gigantic asset class”, further identifying it as “digital gold”. Scaramucci also noted that “Anybody that does the homework…ends up investing into it (Bitcoin)” and advised traders to get their hands on the inevitable crypto.


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