U.S. Government To Auction $382K Worth of Bitcoins On March 29

Just one week after concluding its first-ever Bitcoin (BTC) auction, the United States federal General Services Administration (GSA) has announced yet another public sale of the popular cryptocurrency. 

According to an announcement today, the public will be allowed to bid on 6.79 bitcoin valued at around ($382,014), at the time of writing. 

The GSA, which is known for regularly conducting auctions on surplus federal assets, including furniture, school busses, and aircraft, said the event will kick-off on March 29, 2021, by 4 pm CT and will end on March 31, 2021. 

Per the announcement, the bitcoins have been divided into ten fractions and would see the ten highest bidders claim the cryptocurrency. 

Upon completion of the auction, selected bidders are expected to make payments for the digital assets using wire transfers on or before April 2, 2021, the announcement added. 

However, this is not the first time the GSA will be auctioning the largest cryptocurrency by market capitalization on its platform. Last Wednesday, the U.S. government broker concluded the auction of 0.7501 BTC, which saw a total of 204 bids from 31 bidders. 

The auction closed with the highest bidder grabbing the BTC at an aggregate price of $53,104. Based on the closing price, the BTC sold for about 21% higher than its market price at the time. 

Commenting on the event, the GSA stated that auctioning the cryptocurrency broke new grounds for its platform and that it was pleased with the enthusiasm it received from bidders. 

While the amount of the first auction was not up to one unit of BTC, Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service, said the event was only a test run for its latest Bitcoin auction while adding: 

“With 10 lots up for bid, we expect this auction will generate even more excitement among cryptocurrency investors.” 

As with the first auction, the GSA did not disclose how it came about Bitcoin, although the stash was likely obtained via several methods, including seizing it from criminals. 

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

  • bitcoinBitcoin (BTC) $ 16,899.28 4.43%
  • ethereumEthereum (ETH) $ 1,271.78 8.97%
  • bnbBNB (BNB) $ 304.27 4.31%
  • xrpXRP (XRP) $ 0.406708 5.17%
  • solanaSolana (SOL) $ 13.84 4.26%
  • terra-luna-2Terra (LUNA) $ 1.63 4.19%