It appears that the Finnish customs authority, known as Tulli, has been a long time Bitcoin holder that is finally looking to cash in on some massive gains.
It was reported by local Finnish news outlet Yle that Tulli is looking to sell 1,981 BTC. Back in 2016, the Finnish customs authority seized the bitcoins from a highly wanted drug dealer.
At the time the Bitcoin was seized, it was only worth approximately $850,000. However, after being patient and holding to current all-time high prices the BTC is worth a whopping $75 million. Tulli was considering selling its Bitcoin stake back in 2018 via auction, but it didn’t want the Bitcoin to end back up in the hands of criminals or bad actors.
It doesn’t seem that Tulli was intentionally holding the cryptocurrency because it thought the BTC would accrue massively in value, but more because it likely saw it as a potential threat to society. Whatever the rationale was, it seems that decision has paid off with momentous returns.
With Bitcoin continually breaking new all-time highs, the Finnish customs authority finally decided that it was time to sell its stake.
Bitcoin has seen a momentous increase in value, smashing through previous records to reach a high above $40,000. There were many factors that have pushed Bitcoin prices to all-time highs, many dealing with the COVID-19 pandemic and the financial uncertainty that it’s caused worldwide.
With the increased amount of inflation seen by a variety of powerful and unstable countries alike, many retail and institutional investors have continued to flock to the asset to hedge against inflation.
This strategy is beginning to become popular with institutional investors and global firms. One example is Michael Saylor, the CEO of Microstrategy, one of the largest publicly traded business intelligence firms on Earth.
After being a Bitcoin skeptic for some time, Saylor eventually decided to go all-in and has since invested over $1 billion of Microstrategy’s treasury reserves into Bitcoin. Saylor says he views Bitcoin as the ultimate store of value and protection against inflation and thinks that it has the opportunity to outperform gold long term.
As the cryptocurrency market cap eclipses $1 trillion for the first time and Bitcoin’s market cap passes Tesla, Saylor isn’t the only one who sees Bitcoin in this light.`