The Government's Bitcoin Auction Is Playing Right Into Bitcoin Bulls' Hands

Bitcoin prices are up more than 5% as it appears sales of the government’s Bitcoin stash produced some bullish results.

The U.S. Marshals service has not yet released the official results. But Barry Silbert, whose SecondMarket put together a syndicate of 42 bidders, just said they were all outbid.

The auction was unlikely to have gone any other way, given that we are talking about a collection of wealthy Bitcoin bulls getting the chance to bid each-other up in a totally controlled environment. Still, assuming the nearly 30,000 coins the government was auctioning go for a premium, it will make for some good headlines.

Prices are now at $US632. Here’s the chart:

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.