Anonymous Buyer Pays 5x Value of Bitcoin at Auction

If you have any doubts about the future of Bitcoin and other cryptocurrencies, you just need to look at a recent auction by the French authorities where the highest bidder bought a BTC lot at a rate of $290k per unit in an auction where the authorities sold seized units of the digital coin.

During the auction, an anonymous bidder paid roughly $31,900 for 0.11 BTC which is 5x more than the current price of Bitcoin presently. Not only that, the buyer will have to pay price a 14.28 percent fee before the the coin can be transferred to his wallet. This puts the total fee to be paid by the anonymous buyer at $36,455.

Notably, if this bidder had attempted to purchase his BTC through an exchange, he would have paid approximately $6,150 for his purchase as the price of the asset currently hovers around $57,000. Also, if the bidder had tried his hands on a 2 BTC lot, he would have paid over $600,000, including the auction fees for the units of the crypto asset.

The remaining units of Bitcoin in the lots which ranged from 0.11 unit of the digital gold to 2 BTCs were sold at prices that were in tandem with the coin’s current market value.

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