Tulli, the Finnish customs authority, is now looking to sell 1,981 bitcoins which are worth around $75 million. The reason behind selling these Bitcoins is the recent price surge as they wish to cash in during these extremely bullish times.
Tulli has gained these Bitcoins from a wanted drug dealer in 2016 and during that time, these were worth $850,000 only. In the past few weeks, Bitcoin has increased impressively and now the company is holding BTC worth $75 million.
Tulli Believes Bitcoin to be a Threat to Society
Even though Tulli is selling Bitcoin at a huge profit, it is claimed that they were not waiting for this price increase. Rather, they used to believe that Bitcoin is a threat to society and this is why they were holding on to it. The Finnish custom authority has now chosen the right time to sell them as Bitcoin is continuously breaking its all-time high.
The major reason behind this impressive surge of Bitcoin is that the majority of people have moved towards cryptocurrency during the COVID-19 pandemic. They have opted for digital payments to avoid direct contact with anyone.
Institutional Investors Increasing Mainstream Crypto Adoption
Even though the COVID-19 pandemic has contributed towards a wider crypto adoption and increased price, there are other factors as well that have contributed to this. Institutional investors have been showing huge interest in Bitcoin lately which is increasing its mainstream adoption. Such an impressive increase in price seems to overshadow its huge volatility and that is why institutional investors are showing this much interest. Michael Saylor’s MicroStrategy comes among those institutional investors who have invested a large share in Bitcoin. Saylor has mentioned that Bitcoin gives huge protection against inflation and is a great store of value. He also believes that in the future, Bitcoin might outperform gold as people have started calling it Digital Gold.