Riot Blockchain Claims 500 Bitcoins in U.S. Marshals' Auction
- Currency will hit $50,000 within 12 to 18 months, CEO says
- Company won 500 of the 3,813 Bitcoins available for bid
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Riot Blockchain Inc. won 500 Bitcoins in an auction of property seized by the U.S. Marshals Service, a bet that the digital currency’s breath-taking run isn’t over.
Riot, which invests in cryptocurrency and blockchain startups, sought many more of the 3,813 Bitcoins in the auction Monday but was outbid, Chief Executive Officer John O’Rourke said in a phone interview. The company acquired the Bitcoins at about the market price at the time, he said. That works out to about $5.2 million, based on Monday’s closing price of $10,354.