The Block: Belgium government to auction off seized bitcoin later this month

The federal government of Belgium is set to put over €110,000 (~$125,000) worth of bitcoin and other cryptocurrencies under the hammer via an Ireland-based auction house.

Wilsons Auctions announced Friday that it will hold an online auction of the crypto funds later this month, with no reserve, meaning there will not be a minimum price as the winning bid.

The auction will start at noon GMT (8 am EST) on March 24. Three cryptocurrencies - bitcoin (BTC), bitcoin cash (BCH), and bitcoin gold (BTG) - will be sold off into small lots. Bitcoin, for instance, will be offered in 0.25-1 units.

Buying cryptocurrency via exchanges can be a "risky and daunting process," according to Mark Woods, asset recovery executive at Wilsons Auctions. "We offer guidance throughout the process which means that both newcomers to the world of cryptocurrency and experienced investors can all participate on a level playing field."

This is not the first time Wilsons has held an auction of cryptocurrencies. Last September, it helped realize £300,000 (~$395,000) on behalf of U.K. police forces through the sale of bitcoin and other cryptocurrencies. In March 2019, Wilsons managed an auction of 315 seized bitcoins (realizing ~$725,000 at the time).

Last month, the U.S. Marshals Service also auctioned off over 4,000 bitcoins (worth $39 million at the time) to two winning bidders. The auction featured larger lots – 2,500 BTC, 1,000 BTC, 500 BTC, and 40.55 BTC.