Tim Draper announced as the winner of the Silk Road 29,656 BTC government auction

Venture capitalist Tim Draper emerged as the winning bidder in the U.S. Marshals Service (USMS) auction of 29,656 Bitcoins seized from the infamous online marketplace Silk Road. Draper’s successful bid secured the entire stash of Bitcoins, which had previously been associated with illicit activities on Silk Road.

The auction attracted a total of 45 bidders who submitted a combined 63 bids. These bidders vied for the 29,656 Bitcoins that were auctioned off in 9 blocks of 3,000 each and one block containing the remaining 2,656.51306529 Bitcoins.

Tim Draper secured the entire stash of Bitcoins, paying an undisclosed amount. At the time of the auction, the coins were worth nearly $19 million based on the market price of approximately $640 per coin.

 

Draper expressed his rationale for acquiring these Bitcoins: “Bitcoin frees people from trying to operate in a modern market economy with weak currencies.” He believed that Bitcoin could provide an alternative for those seeking to secure themselves against weakening national currencies. Draper also announced plans to collaborate with Vaurum to enhance Bitcoin liquidity in emerging markets.