The US gov. is planning to auction over 2,700 BTC (worth around $1.6m at current prices) that were forfeited during several cases (also some from the well known bitcoin black market - Silk Road) on 22th August (auction registration opened till 18th August)
Read more on Forbes
What do you think will this have any impact on prices or not?
I think it would have a slight negative impact on the market as we all know when the government gets involved it is always bad. I would bet they will sell them for a fraction of their value just like they do with asset forfeiture, But this time its bitcoin.
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It's an auction. They're selling for whatever people will pay.
Anyone bidding on this that is intelligent will pay any price up to the value of those wallets. So, while a relatively large, publicized increase to the supply of BTC might lead to a small drop in value, it also has the potential to publicize BTC, leading to greater demand in the long term.
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