Are Bitcoin auctions worth the money?

Quite a few investors and spectators seemed to think so as multiple persons did appear as the virtual currency was being auctioned off. The United States Marshalls chose to auction off the virtual currency confiscated from Ross Ulbricht after his conviction took place in February. The recent auction was for 50,000 Bitcoins totaling the amount of $14 million dollars. The virtual dollars seized from Ulbricht were found on his computer hardware and did show a direct connection with Silk Road.

The bitcoin auction was quite exciting as bidders had the ability to give private bids (i.e. sealed bids) instead of announcing them aloud within a six hour time frame on Thursday. The virtual coins were broken into specific sizes.  Of these specific sizes there were two; the first being 10 blocks of 2,000 Bitcoins and the second being 10 blocks of 3,000 Bitcoins. Those who placed a bid could select which set they wanted and the quantity amount.

The US Marshals did enter 14 of their own bidders for the bitcoin auction to review and watch the activity taking place. The bitcoin auction did show interest as 34 bids came in total. This does show there are persons still about who have the Bitcoin interest still but the Bitcoin interest is not near the numbers like it was. The auction house will contact whoever won on Thursday’s bitcoin auction as of Friday evening at 5 PM.