Jan 08, 2021
The bullish movement of Bitcoin made some institutions sell their Bitcoin. The Customs Department of Finland made such a decision about seized bitcoins.
The national broadcaster of Finland, Yle, made the selling decision of the Department of Customs public on Tuesday. According to the report, the total value of the seized Bitcoin amounts to 60 million EURO. Customs confiscated bitcoins due to illegal usage of bitcoin, mainly due to the drug deals. During the operations, Customs seized 1981 bitcoins.
A significant part of those bitcoins confiscated in 2016. Customs take 1666 bitcoins in operation called the Douppikauppa case. At the time of the action, the worth of those Bitcoin was not so high, around 700,000 EURO. With the latest bullish run, those bitcoins worth 50 million EURO.
According to the CFO of Customs, Pekka Pylkkänen, they will sell Bitcoin by themselves or with the help of intermediaries. Customs can sell those bitcoins in the following months. He mentions that they will sell after talking with the Ministry of Finance.
The events show that even governments want to get benefit from the bullish Bitcoin.
The price of Bitcoin is on the bullish move for many consecutive days. Every day people wait for Bitcoin to record an all-time high price. Today Bitcoin broke the previous ATH and hit $41962, according to CoinDesk. Bitcoin was inches below $42,000.
If Customs of Finland decide to sell confiscated bitcoins, then it will make $81,000,000. The selling process will add some bitcoins to the circulation.
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