Australia to auction 24,518 confiscated Bitcoins in June

Summary: According to foreign media reports, next month, Australia will auction 24,518 bitcoins confiscated during criminal investigations. In order to minimize the negative impact on the market, these bitcoins will be auctioned in groups of 2,000, a total of 11 groups, and the remaining group will be auctioned in groups of nearly 2,518. Large-scale sales of bitcoins - generally more than 10,000 - will cause market shocks and eventually lead to price drops. The auction will be hosted by Ernst & Young, and the bitcoins are now kept by the Victorian Asset Forfeiture Management Department.

The recent price of Bitcoin has fluctuated around 9 million pounds.

It is understood that Australia decided to hold such an auction because it saw that the Bitcoin market is now in a relatively stable stage, but it seems that this state cannot last too long. This is because July 14 will usher in the halving of the number of Bitcoins that occurs every four years. Dr. Garrick Hileman, an economic historian at the Cambridge Center for Emerging Finance, pointed out that although such a cycle can increase the price of Bitcoin, it may also induce a sharp decrease in the number of miners and thus reduce the security of the system, so they have to ensure that the Bitcoin auction is carried out at a "safe" time.

It is reported that the auction will be open to the world.