The US government sells Bitcoin and Litecoin valued at $ 377,000 through the General Services Administration (GSA). The auction ends on Monday at 5:00 p.m., with the option of an extended closing time. The state auction house sells the digital assets in 11 lots and so far the lots have been actively bid.
The GSA auction house has almost ten Bitcoin and 150 Litecoin for sale, auction ends today
From June 18 through Monday June 21, the General Services Administration, also known as the GSA, is auctioning two types of crypto assets. GSA auction bidders can attempt to buy 11 lots of crypto that are roughly 8.93 BTC and 150.2 LTC.
The U.S. government estimates the total value of the BTC and LTC lots at $ 377,000. The GSA announcement states that the company has been selling crypto assets on behalf of the U.S. government since early 2021.
So far, the GSA has auctioned crypto assets three times and sold a total of 16.99 BTC. The three previous GSA auctions were settled at $ 937,092 for the bitcoin assets sold on the platform. The GSA advertisement also seeks to entice the reader by saying, “Become part of the growing cryptocurrency community by placing a successful bid during the next GSA Auctions cryptocurrency sale.”
“Seasoned investors see an opportunity when they see it, which is why our auctions have generated so much buzz in the crypto community,” Thomas Meiron, Regional Commissioner for the GSA’s Federal Acquisition Service, said in a statement. “With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.”
The new type of digital asset Meiron is referring to is Litecoin (LTC) as only BTC was sold in previous auctions. Established in 1949, the GSA provides a solution to government surpluses, dilapidated goods, and federal private property that no longer need them.
The independent agency of the US government enables the public, corporations and other government agencies to bid on items in an exclusive manner. Local and international GSA auction buyers are required to shop electronically.
The electronic checkout is due to the declaration of a national emergency by the president on March 23, 2020. Since then, the GSA has stopped accepting payments by cash, postal order, cashier’s check, government or personal check.
The description of the crypto lots sold explains that if a bidder wins, they must take responsibility for paying the mining network fee. The tenders have been active so far and dozens of bids have been submitted for the GSA’s current stock of digital assets.
What do you think of the GSA cryptocurrency auction? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, GSA auctions,
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