Finland sells Bitcoin for 80 million US dollars

Finland sells bitcoin for $80 million

Not only private investors are profiting from the Bitcoin rally. The Finnish customs authority Tulli is also rubbing its hands at the moment.

While Bitcoin is not so popular among petty criminals and serious offenders these days, considerable amounts of BTC have already ended up in the hands of law enforcement agencies in recent years. While they did not know what to do with their luck for a long time, more and more European authorities are following the American example and putting their loot up for auction. The Finnish customs authorities were also unable to part with their digital treasure for a The News Spy long time. Fortunately, because the state is now profiting from their indecision.

As BTC-ECHO already reported, the Finnish customs authority caught a particularly big fish about five years ago, from today’s perspective. In June 2016, officials seized around 1,666 BTC when they broke up a darknet platform. The mastermind was sentenced to ten years and six months in prison for drug trafficking. However, the loot remained with the authority after the Turku Court of Appeal ordered the Bitcoin proceeds from the offences to be seized. This now benefits the state, which can pocket the profit margin.

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And this does not turn out to be small. When bitcoin was seized, the exchange rate was still around 600 US dollars. The rest is history. At the time of going to press, Bitcoin is trading 64 times higher – at around 38,500 US dollars. In just five years, the value has risen from one million to 64 million US dollars.

Finland soon Bitcoin auctioneer?

According to the Finnish newspaper Helsingin Sanomat, there are now a total of 1,981 Bitcoin in the hands of the authority, which could now go under the hammer. According to Pekka Pylkkänen, CFO of the Finnish customs authority Tulli, they are „currently preparing the implementation procedure with the cooperation authorities“. Once the bitcoin has found suitable buyers, „the money from the sale will go to the Finnish state“. Customs is currently „preparing the implementation procedure with the cooperation authorities“ and will „inform about it as soon as the concrete procedure has been determined“.

The procedure by which the bitcoins are to be sold is therefore still open. The auction route, as already practised in the USA, cannot be ruled out. In Germany, too, the sale of Bitcoin via auction houses has already been initiated. Whether the Finns will follow suit or find direct buyers, for example through crypto exchanges, remains to be seen.

A good cause

Either way, the proceeds will bring more than a little capital into the state coffers. In total, the value of the Bitcoin amounts to 80 million US dollars. Money that could be spent, for example, on 4 million doses of the Covid vaccine developed by Biontech and Pfizer. Since two doses are needed for full protection, 2 million citizens could receive a vaccination through the Bitcoin proceeds – more than one in three in a population of 5.5 million.