Winner of Bitcoin auction wants to expand currency use

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Thursday, July 03, 2014

NYT: Tim Draper, who won the government auction of nearly 30,000 Bitcoins, intends to make the coins available for use in emerging markets.

The United States Marshals Service, which organized the auction of the coins seized from the now-defunct market Silk Road, confirmed on Wednesday that Mr. Draper won the auction. The Marshals Service announced on Tuesday that one bidder had won all the coins, but it did not identify the winner or disclose the winning bid.

Avish Bhama, the co-founder and chief executive of Vaurum, said the goal was not to dump the 30,000 coins on the open market. Rather, he said that he and Mr. Draper hoped to expand Bitcoin’s use in areas of the world where access to the currency is difficult, including India, South America and parts of Asia.

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