BeInCrypto: Finnish Customs Authority Decides To Sell $75 Million In Bitcoin

  • Tulli, the Finnish customs authority, is looking to acquire profits by selling Bitcoins worth $75 million
  • Bitcoins worth approximately $850,000 were seized by the Finnish customs authority from an alleged drug dealer, back in 2016
  • The decision came into execution following the Bitcoin’s accomplishments in achieving the record breaking highs
  • Bitcoin’s historically significant appraisal in value has changed conventional skeptics like Michael Saylor, the CEO of Microstrategy, in terms of their opinions regarding Bitcoin

The Finnish customs authority, a long time Bitcoin holder, titled Tulli is finally planning to earn enormous financial benefits. Yle, a local Finnish news outlet reported that Tulli is planning  a sell-out of BTC worth 1,981. 

The history associated to Bitcoin holdings

The report traces us back to the momentous episode of official seizing of Bitcoins by the Finnish customs authority back in 2016. The entire acquisition was allegedly done from a highly wanted drug dealer. Back then, Bitcoin’s worth was approximately $850,000 at the time of the seizing.

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However, the current price value of BTC is worth a whopping $75 million. This comes as a result of sheer patience and the consistent holdings of the respective BTC. Though there exists an uncertainty around Tulli’s original intention of holding the cryptocurrency being the thought that the BTC would be striking such all-time highs, the decision has clearly translated into their favour ensuring momentous returns.

It can be suggested that back then, Tulli probably saw BTC holdings as a potential threat to society. But no matter whatever the rationale was, it has brought significant  benefits to the table. Hence, responding to the Bitcoin’s record breaking highs, the decision to sell the respective stake has been finalised by the Finnish customs authority.

The momentous growth of Bitcoin

Smashing right the existing records, Bitcoin has managed to reach an all-time high above $40,000. The factors behind this vital growth were mostly the ones that revolved around the financial uncertainty that COVID-19 pandemic caused worldwide.

With the continuously increasing rate of inflation, various retail as well as institutional investors have shifted to flocking of assets. This respective strategy gained utmost popularity with major institutional investors and global firms. Michael Saylor, the CEO of Microstrategy represents a primary example in this league.

Saylor, the CEO of one of the largest publicly traded business intelligence firms in the world was initially skeptical about his opinion regarding Bitcoin’s worth. However, post realizing the transitions in the current digital trend, he ventures all-in and has successfully invested into Bitcoin with  Microstrategy’s treasury reserves worth above $1 billion. 

Saylor agrees to the popular assumption that Bitcoin has the suitable chance to outshine and excel gold in the long-run. This proves right in the context of the market cap of cryptocurrency has eclipsed $1 trillion for the very first time along with Bitcoin’s market cap overtaking Tesla.

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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