- The Finnish Customs Authority, Tulli, is preparing to sell $75 million worth of Bitcoin.
- Tulli caught nearly 2000 Bitcoins in 2016.
- At the time, the Bitcoin apprehending was worth just over $850,000.
It seems that the Finnish customs authority, known as Tulli, has been a long time Bitcoin holder that is finally looking to cash in on some huge gains.
It was announced by local Finnish news outlet Yle that Tulli is looking to sell 1,981 BTC. Back in 2016, the Finnish customs authority caught the bitcoins from a highly wanted drug dealer.
At the time the Bitcoin was seized, it was only worth roughly $850,000.
After being patient and holding current all-time high prices, the BTC is worth a whopping $75 million. Tulli was contemplating selling its Bitcoin stake back in 2018 via auction, but it didn’t want Bitcoin to end back up in the hands of criminals or shady individuals.
It doesn’t seem that Tulli was deliberately holding the cryptocurrency.
After all, it thought the BTC would accumulate massively in value, but more because it likely saw it as an inherent threat to society. Whatever the rationale was, it seems that judgment has paid off with significant returns.
With Bitcoin constantly breaking new all-time highs, the Finnish customs authority eventually decided that it was time to sell its stake.
Bitcoin has seen a significant increase in value, smashing through previous records to reach a high above $40,000. Many factors have pushed Bitcoin prices to all-time highs, many dealing with the COVID-19 pandemic and the financial uncertainty that it’s caused worldwide.
With the increased amount of inflation seen by various powerful and unstable countries alike, many retail and institutional investors have continued to flock to the asset to hedge against inflation.
This strategy is starting to become popular with institutional investors and global firms. One example is Michael Saylor, the CEO of Microstrategy, one of the largest publicly traded business intelligence firms on Earth.
After being a Bitcoin sceptic for some time, Saylor eventually decided to go all-in and has since invested over $1 billion of Microstrategy’s treasury reserves into Bitcoin. Saylor says he views Bitcoin as the ultimate store of value and protection against inflation and thinks that it has the opportunity to outperform gold long term.
As the cryptocurrency market cap surpasses $1 trillion for the first time and Bitcoin’s market cap passes Tesla, Saylor isn’t the only one who sees Bitcoin in this light.
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