Major bitcoin industry companies including Digital Currency Group (DCG) subsidiary Genesis Trading and bitcoin hedge fund Binary Financial are set to participate in a government auction of just over 44,000 BTC (worth $18.3m at press time) to be held on Thursday.
"In terms of the auction, it signaled a really important turning point in framing bitcoin as a legal and legitimate tool," Sunny Ray, president of India-focused bitcoin exchange Unocoin, recalled in conversation with CoinDesk.
The mood around the upcoming auction, however, is markedly more subdued.
CEO Brendan O’Connor said its auction participation was simply a business decision.
“From our perspective, any time we have an opportunity to buy or sell large quantities we take advantage of it. This is just another really good opportunity to do that,” he said.
Still, O’Connor suggested he believed many previous auction participants would enter the bidding process for similar reasons, though few confirmed their involvement at press time.
Further, the USMS that indicated it would not release figures for the number of auction participants, though it has historically done so on the day of the auctions.
bitcoin exchange founders Cameron and Tyler Winklevoss told CoinDesk they will not be participating, going so far as to criticize the strategy of doing so:
Gavel image via Shutterstock
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