Tech guru Tim Draper wins bitcoin auction, won't say how much he paid

The man who successfully acquired all the bitcoins auctioned by the US Marshals Service, Tim Draper, wants to help the cryptocurrency become more popular.

Published Thu, Jul 3 2014 12:06 AM CDT   |   Updated Tue, Nov 3 2020 12:15 PM CST

More than 40 bidders were unable to keep Tim Draper, a Silicon Valley entrepreneur, from purchasing the entire lot of 30,000 bitcoins auctioned by the US government. Instead of just flooding the market with the bitcoins, Draper has teamed up with bitcoin exchange company Vaurum, and wants to expand cryptocurrency use worldwide.

Tech guru Tim Draper wins bitcoin auction, won't say how much he paid | TweakTown.com

"With the help of Vaurum and this newly purchased bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies," Draper said in a statement. "We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies."

The seized bitcoins were valued near $19 million, and Draper won every single lot - but won't say how much he spent to dominate the auction.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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