Confiscated cryptocurrencies come to the aid of Ukraine.
The news about Finland selling Bitcoins and donating the proceedings from the sale to Ukraine started to make rounds across the market. When people started exploring more about the news, they got to know that the bitcoins used to sell, were actually confiscated by the customs department of Finland while conducting raids. The cryptocurrencies were found during narcotics raid and were transferred into state control via court rulings. There was a lot discussion about what to do with the cryptocurrency and finally the country decided to help Ukraine with the sale proceedings of the currency.
Finland is not the only country in the world that has resorted to such an action. The U.S. Marshals agency claims to have sold 187,381 in confiscated Bitcoin over the course of nine auctions since 2014, but it has reluctant to disclose the proceeds in dollars. According to NBC, the revenue from these transactions would have been $179 million.
Bitcoins peak would have given Finland double the value of what it is going to get now!
Credits: Forbes
The peak of bitcoin happened last year in November, trading at around $69,000. If the Finland government had sold the cryptocurrency at that time, the value that they would have achieved would be twice the value that they will be getting now. With around 1,900 bitcoins available with the country, the sale would have made around $130 Million. But, as far as the current value of the bitcoin is concerned, the country will be raising around $47 million from the sale of the cryptocurrency.
Even though, Finland missed to seize the opportunity to sell the cryptocurrency at its peak, the country told that, $47 million is no less and is going to be one of the biggest crypto related donations that the company has ever made. According to the reports, the leaders of the country have already approved the plan of giving the cash proceedings from the sale to Ukraine.
Writer’s Analysis:
As we all know the war between Russia and Ukraine played a major role in disrupting the cryptocurrency market, it is good to see that the same commodity from the disrupted market is being used to aid Ukraine to battle Russia. The affects of the war have been seen across all the industries across borders, but it is important to note that, the support Ukraine is getting from nations such as Finland really brings the hope that the battle will end soon.
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