The German states are crypto millionaires. Last year, the authorities confiscated up to two and a half million euros in the form of crypto currency. According to Wirtschaftswoche, the majority of the assets are said to have come from raids in the criminal milieu. A large part of the assets from auctions and sales has already flowed into the state coffers. The money will now be used to help the victims of crime.
Organized crime, drugs, human trafficking, illegal downloads – the anonymity of Bitcoin casts long shadows. However, its prominence in criminal milieus has become an unexpected financial injection for the German federal states in 2017. According to Wirtschaftswoche, last year Bitcoin assets worth at least two and a half million euros were confiscated from criminal businesses. It is said that up to two million euros have already been collected from sales and auctions.
Bitcoin loophole: a danger for prices?
Bavaria and Baden-Württemberg should benefit the most. With Bitcoin loophole worth almost 616,000 and 520,000 euros, they collected about half of the unexpected money blessing. Lower Saxony, Rhineland-Palatinate and Hesse will also have important Bitcoin loophole assets thanks to the raids.
While Bavaria already sold parts of its stocks last year at comparatively unfavourable rates, the importance of crypto currencies is growing noticeably in the wake of climbing rates. One cannot bet with resales ?like speculators on rising courses?, so a befasster public prosecutor opposite the economic week, nevertheless these might promise high yields for the countries despite a limping first quarter.
Although these are doing comparatively well, the earnings should nevertheless represent a welcome financial injection.
It is already certain that some of the sales will benefit victims of crime. In addition, the proceeds of similar conventional inflows from crime control are likely to be used in the future to plug old household holes. In Hesse, for example, cities and municipalities have been waiting for more from the capital Wiesbaden for some time, despite a black zero in the state budget. Last year, Rhineland-Palatinate complained about unplanned additional expenditures of 160 million euros.
In future, the Federal Criminal Police Office (BKA) and the confiscated Bitcoin will also register to react to the growing importance.
“Next year, we also want to identify confiscated Bitcoins in the crime statistics for the first time, the agency said last year.
The news spy: Bitcoin confiscation worldwide
However, financial injections from the news spy, Bitcoin & Co. are anything but a German phenomenon. On the contrary: https://www.forexaktuell.com/en/the-news-spy-scam/ worldwide sales of confiscated Bitcoin accounts flush welcome additional income into sometimes more, sometimes less needy state coffers. At the beginning of the year, for example, the US state of Utah auctioned off over 50 million US dollars worth of Bitcoins. The coins had fallen into the hands of the authorities in the fight against drug trafficking.
In addition, almost 2,000 Finnish Bitcoins are currently waiting for their auction. They could currently strengthen the state coffers of the country with up to 11 million euros.
However, Bulgaria is probably the largest Bitcoin holder in Europe. As it became known last year, the Balkan state should be in possession of up to 200,000 Bitcoins. In the course of a sale this would mean gigantic plus of more than one billion euro for the Bulgarian household. At the moment, however, they want to wait and see, “invest and save”, according to government sources.
Many investors are probably worried that even at comparatively low prices, sales in the millions could ultimately influence Bitcoin prices. The massive sales of the insolvent crypto exchange Mt.Gox, for example, were viewed with great suspicion by investors. Insolvency administrators sold scarcely 36,000 Bitcoin of the Japanese enterprise since beginning of the year. With it up to a billion US Dollar at possible sales value is to have been lost and courses suffered.
Although the German stocks are beyond these astronomical dimensions, should Bitcoin whale Bulgaria decide on similar sales, this should have a noticeable effect on the prices.