Ernst & Young is Holding a Bitcoin Auction in Australia
Alyson Wyers — May 31, 2016 — Business
References: bbc & digitaltrends
If you are interested in accumulating some wealth in the form of a cryptocurrency, a Bitcoin auction is taking place Down Under on June 20 and 21. $11.49 million worth of seized Bitcoins (24,518 coins in total) will be available for sale in Sydney, Australia. Ernst & Young announced the event recently, noting the available cryptocurrency was "confiscated as proceeds of crime." Participants will be able to bid on 11 lots, with 2000 Bitcoins each, and one lot with 2518 coins.
Despite its inconsistent trading past, Bitcoin is currently valued $534.47 -- its highest since August 2014. The Bitcoin auction is the first sale of this kind outside of the US, starting an interesting international precedent as the cryptocurrency gains more traction.
Despite its inconsistent trading past, Bitcoin is currently valued $534.47 -- its highest since August 2014. The Bitcoin auction is the first sale of this kind outside of the US, starting an interesting international precedent as the cryptocurrency gains more traction.
Trend Themes
1. Cryptocurrency Auctions - The rise of cryptocurrency auctions presents an opportunity for businesses to tap into this growing market and explore innovative ways to facilitate secure transactions.
2. Confiscated Assets Sales - The sale of confiscated assets, such as cryptocurrency, showcases a disruptive innovation opportunity for businesses to participate in the secondary market and find new revenue streams.
3. International Bitcoin Auctions - The international expansion of Bitcoin auctions highlights the potential for businesses to enter global markets and offer secure platforms for buyers and sellers worldwide.
Industry Implications
1. Cryptocurrency - The cryptocurrency industry can leverage confiscated cryptocurrency auctions to drive adoption and create new investment opportunities for both individuals and businesses.
2. Law Enforcement - Law enforcement agencies can explore partnerships with auction platforms to efficiently dispose of confiscated assets, including cryptocurrency, while maximizing returns for government organizations.
3. Financial Technology - The financial technology industry can develop innovative solutions to securely facilitate cryptocurrency auctions, offering enhanced transparency, efficiency, and trust for auction participants.
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