Bitcoin to be hammered – in an auction, that is

Australia is getting ready to sell off a bunch of Bitcoin seized by police under proceeds of crime laws, in an international auction.

Ernst & Young will put more than 24,000 Bitcoin under the hammer, so to speak, at a most-current valuation of around US$11.5 million (more than AU$16 million).

The auction is slated for June 20 and June 21, and isn't restricted to Australian citizens. Ernst & Young explains:

“The sale will be conducted via a 48-hour sealed bid auction beginning at 12.01am AEST on 20 June 2016 and finishing 21 June 2016 at 11.59pm AEST. Bidders will be able to submit bids on 11 lots of 2,000 bitcoin and one lot of approximately 2,518 bitcoin. Bidders are able to bid on one lot or multiple lots.”

The firm adds it expects most interest to come from Europe and the USA.

Expressions of interest for the auctions close on June 7, and registration comes with a hefty deposit to make sure people bidding on the Bitcoin will have the capacity to pay.

At the time of writing, one Bitcoin is worth US$534 (AU$741.77), so the auction will probably serve as a handy proxy for traders' expectations about the crypto-currency's near-future movements. ®