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If he had a $1m car and the FBI wanted to seize it, would it legitimize cars as a currency?

It definitely wouldn't if it was $80 m in cocaine; the FBI would confiscate it and have to hand it over to the DEA to have it destroyed.

Whether or not the FBI wants to seize it and spend it in some way, or just to seize it so it can't be spent by DPR or anyone anymore is up for debate. I'm not actually sure what the laws are regarding money or possessions seized from criminals over there.

Cocaine is a different story as it is illegal in and of itself. As far as I know there is no momentum to outlaw Bitcoin itself. Other seized forms of property are routinely auctioned off at public auctions which is presumably a possibly avenue for Bitcoins as well.

It would legitimize the (uncontroversial) assertion that cars have worth.

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