January 17, 2022

What to Know About Crypto Auctions and the Future of Bitcoin

Did you know that the U.S. government frequently holds auctions for crypto that it acquires in asset seizures? According to an article published by CNBC last August, the government had already seized more than $1.2 billion worth of crypto for the year so far.

In this segment of Backstage Pass, recorded on Dec. 20, Fool.com contributors Rachel Warren, Toby Bordelon, and Jason Hall discuss this phenomenon and a recent report on government crypto auctions by CNBC. Plus, they share their takes on what this news means for crypto investing on a broader scale. 

Rachel Warren: But there’s one of the next things they’re going to be auctioning. I guess it’s $56 million worth of cryptocurrency that authorities confiscated as part of a Ponzi scheme case. It’s like, these are things that are not hitting the headlines, but it’s going on.

I was really fascinated apparently “in July the DOJ hired…

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