Bitcoin to be needed in Venezuela facing Economic Slump

The popularity of Bitcoin is still growing despite the country has got its own cryptocurrency Petro
27 March 2018   888

Venezuela has always been a distinctive country especially in relation to cryptocurrency. The locals have shown large interest in Bitcoin and other kinds of digital currency over the year. After a long period of gaining strength, the requirement for Bitcoin is increasing. Although there`ve been some highs and lows, the overall trend is still in place. A new record mark was achieved for Bitcoin trading last week in Venezuela. This is looking promising together with a total value of above one trillion Bolivares worth of Bitcoin changing hands.

The country is still depressed by mighty inflation. As the value of 1 Bolivar is virtually declining every week, this volume is managed to go up for some time to come. Also  this month (on March, 19) the US President Donald Trump issued an order to forbid any purchase operations of the Venezuelan Petro. The ongoing policy of the US government opposes the Venezuelan one and pressures it. The situation of Venezuela will be discussed at G20 Summit.

It is amazing how the requirement for Bitcoin is rising despite the Petro becoming a substantial thing. Venezuela’s own cryptocurrency has been welcomed  with a pretty amount of criticism and anxiety. Its validity is still a big unknown, for the time being. Bitcoin is not officially recognized in Venezuela. The decline of the interest in BTC may be expected, but not in this case. Both forms of currency are seemed to be able to co-exist without any main issues.

Together with Bitcoin trading wavering in Venezuela, something has to put this demand. President Maduro claimed the country wants to attract more Bitcoin mining operations moving forward. It illustrates that Venezuela would keep an open mind towards this currency, which can only be considered to be a worthy thing. The increasing interest in cryptocurrencies will possibly require some legal framework to be stated.

Venezuela is not the only country where BTC demand is expancing. This kind of cryptocurrency is much-required right now in Canada, Europe (in common), Hong Kong and Indonesia. All these facts reveal that in some time the negative tendencies connected with Bitcoin price trend will reverse eventually.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   103

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.