The crypto market was agog some weeks ago when the French government announced that they would auction off seized Bitcoins. While the question of who owns the Bitcoins is still in the air, the government chooses to convert it to fiat until they do their findings.
This is now strange as the digital assets were recovered from suspects who the authorities believed to have scammed their way into getting hold of it. In a recent update, the French government has carried out the auction, and they have seen a massive profit from the sale, even more than what the digital asset promises. In the update, one of the bidders was said to have paid five times that initial amount of the digital assets to own them.
The participant bought one of the 0.11 BTC on sale
According to the report, the unknown participant was said to have parted with close to $31,900 for the Bitcoin that the government auctioned. The participant was said to have purchased just 0.11 BTC from the $34.5 million worth of the digital asset put up for sale. In his report, a crypto reporter who hails from France, Gregory Raymond, pointed out that the buyer went through the hassles of bidding five times the initial price to get his hands in the assets.
Presently, Bitcoin is seeing for $55,000 across different exchanges, which puts the price of the digital asset that the participant bought at $6,144. The buy also means that the person chose to buy the sold digital asset at $290,000 for one Bitcoin. In the conditions that governed the assets’ sale, the buyer would need to pay an additional 14.28% fee for the government to transfer the Bitcoin into his wallet. This also means that the buyer would need to add $4,555 to the cash he is to pay to facilitate the transfer to his wallet.
A total of 437 Bitcoin sales were carried out
Asides from the first purchase that saw the participant buy at a higher price, the other Bitcoins were sold at the regular price that the digital asset sells for in the market. The report also positioned that the other Bitcoins sold were sold in 2 BTCs and 0.11 BTCs in about 437 different transactions.
While the other bids didn’t do much to raise any suspicions, the first bid raised many questions as to why the bidder did that. Some people positioned that it might be a mistake on the buyer, others feel that the buyer was too anxious to own the digital assets.
However, if it is a mistake on his part, then the French government is lucky, but they would have wanted their luck to extend to the sale of the 2 BTC they sold. If the man had bought one of the 2 BTC for the same rate, he would have paid nothing less than $660,000, auction fees inclusive.
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