The U.S Government Misses Out On $1.7 Billion Because They Sold Bitcoin Too Early

It seems like the U.S have missed out approximately $1.7 billion due to the very soon auction of the seized Bitcoin. Cryptocurrency expert Jameson Lopp, with his observation of old market rates, has built up a convenient portal to calculate the money result from Bitcoin sales, starting from 2014. It is estimated that the United States had held 185,230 BTC from criminal investigation since 2014. This includes the 3,813-BTC auction that works in February. 

Just imagine that if the US Marshals seized all Bitcoin 6 years ago until now, and they intentionally sold them out when BTC price is up to over $10,000 again, they would have made a huge fortune of $1.85.

However, Loop again worked on his number to estimate the approximate price of every auctioned BTC. The result is that the US Marshals probably sold Bitcoin for $818 on average, for each BTC.

Therefore, according to the portal, the US authorities have earned around $151 million. If it is true, this means the authorities have short-changed themselves about $1.7 billion, just by the decision not to hold.

Bitcoin Auctions In The UK Are Performed Better

UK police are working on the criminally-seized auctioned cryptocurrency, after having conducted a series of BTS auctions at the end of last year.

Last September, it was reported by Hard Fork that Wilsons Auctions, on behalf of the Crown, sold Bitcoin to earn $369,000. Accordingly, 1 BTC was sold for $8,365. 0.5 BTC was sold for $4,236. 0.25 BTC was sold for $2,426. 

At that time, Bitcoin trades exchanged for just a bit higher than $8,000. This means that the UK had generally ended up with above market-rate auctions.

But, as compared to Bulgaria, both the UK and the US seem not to generate much. Bulgaria was rumored to have 200,000 BTC (or $2 million) captured from cryptocurrency criminals.

In the end, the media believe that he full cryptocurrency amount was in fact sold to some sovereign wealth funds and wealthy investors in Asia for about $16,000 for each, which is considerably huge as compared to the initial $818.