What do you do if you have 2,000 Bitcoins and you cannot store them on any exchanges?
That's the question that authorities in Finland are asking themselves. The 2,000 Bitcoins were confiscated during dozens of raids since 2016, says the customs office in Helsinki. Based on current market price, they're worth roughly $22 million.
The government issued guidelines recently making clear that relevant authorities handling cryptocurrencies are not to be allowed to store them on cryptocurrency exchanges, and that they will have to keep them off the Internet.
Although the document did mention that the cryptocurrencies can be converted into euros, but the sales should take place via public auctions primarily - as they argue that commercial exchanges can be untrustworthy and opaque.
Well, that's not a bad deal at all in my view. Pretty sure they didn't expend $22 million worth of resources in confiscating those Bitcoins.
Anyway, Bitcoin is slightly lower on the day but is now trading just above $11,000 as the rebound from the lows continue on. The next level of resistance looks to be the 100-day MA (red line) which sits near $12,000.