As reported in RTE, a legal case involving the proceeds of crime has led to the seizure of 6,000 bitcoins which leaves a rather interesting situation arising. The Irish High Court made the plaintiff forfeit the bitcoin, which he had invested in the early days, and which he did not contest, and now 6,000 bitcoins has been handed over to the Criminal Assets Bureau.
At time of writing this is worth approximately €52,000,000, making it the largest single seizure of an asset in the history of the CAB. Under Irish law, this will now be held for seven years, after which it will be handed over to the Department of Finance in 2027 to be made available to the Exchequer.
Depending on which way the price goes, this means that in a few years, either tens of millions or potentially hundreds of millions of euro worth of crypto will be likely put up for sale by the Irish Government, and the funds used to fund general expenditure.
