Cryptocurrency News Today – Top Headline for Cryptocurrencies, October 24 

australia cryptocurrency
  • Australian Law Enforcement Receives Gains of 2000% from Seized BTC

 

It is no secret that Bitcoin is an asset that experiences high volatility. A volatile asset will always experience massive price changes which is something very common with BTC. Bitcoin is also known as the best performing asset in crypto history. The coin has made the majority of early investors millionaires. 

Now, recent reports show that BTC has also made a law enforcement agency richer. In this case the coin has helped the Australian law enforcement gain 2000% returns. It should be recalled that the Australian security services recently seized BTC from an arms dealer in the region. Now the seized BTC has made the security arm of the state richer 20x.

Australian Law Enforcement Experiences Huge Upside

The sting operation that took down the arms dealer occurred in 2016. At the time the authorities arrested the arms dealer and seized some BTC. This is because the weapons in the arms dealer’s inventory were bought and paid for with Bitcoin. At the time (which was before the crypto hype and Bitcoin bull-run), the digital asset was priced just under $1,000. Due to a lengthy ligation proces, it took two years for the issue to be trashed out. The suspect eventually had to forfeit the BTC that was seized during the exercise (which was carried out by the Brisbane Criminal Assets Confiscation Taskforce).

The Australian authorities gained full control of the seized Bitcoin in November 2018. At the time, Bitcoin’s price had already reached $20,000. Recall that when the litigation process began, the value of the seized BTC was by far less than its current price. In fact the seized assets were just worth $5,000 in total. But when law enforcement received the crypto, the grand total of all the seized Bitcoin had already ballooned to $105,000. This can be measured as a 2,000% gain for the Brisbane Criminal Assets Confiscation Taskforce.

Early BTC investors who held their coins (an untested technology at the time) made astronomical gains in financial markets. At the beginning Bitcoin was virtually worthless, today it is priced at $7,500. The story relating to the Australian law enforcement highlights why holding Bitcoin for the long-term results in massive gains. In only two years, $5,000 worth of BTC increased to $100,000. 

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,225.69
0.930%

Had the authorities received the Bitcoin at the pinnacle of the crypto bull-run, the $5,000 worth of BTC could have skyrocketed to BTC worth half a million USD. Investors who bought their coins during the bear market would have made gains of 350% during the bull-run. 

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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