Citi: Ross Ulbricht Bitcoins Likely to Sell For Discount at USMS Auction

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The US Marshals Service (USMS) is set to auction off 50,000 BTC seized from alleged Silk Road mastermind Ross Ulbricht this Thursday, and if a new research note from financial giant Citi proves accurate, participants may be able to obtain bitcoins at a steep discount.

Penned by Citi's global head of FX strategy Steven Englander, the internal note argues that bitcoin's recent decline in value against the dollar will cause participants to "lowball their bids relative to the current market price".

Englander asserted that the prospect of future bitcoin auctions is likely to influence bidder behavior, as the USMS has indicated it will soon seek to sell off the roughly 94,000 BTC still in their possession in the coming months.

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