“Fall for Cryptocurrency”: US government is auctioning Bitcoin tokens valued at over 300,000 US dollars

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US government sponsored GSA Auctions is currently running an online Bitcoin auction called Fall for Cryptocurrency. In this case, the US federal government is auctioning 4.94 Bitcoin tokens valued at over US $ 300,000 at the current Bitcoin trading price of US $ 63,925 (approx. 48 lakh) per token. GSA Auctions is a US General Service Administration (GSA) service responsible for netting surplus federally owned assets. This online auction started on Tuesday, September 26th and ends on Thursday, October 28th.

GSA Auctions posted details about the event on their region-focused Twitter handles.

Fall for cryptocurrencies with #GSAAuctions! 5 lots of Bitcoin will be open for online bids from October 26th to 28th at https://t.co/YCnBYVUVZZ #SEGLPPM #crypto pic.twitter.com/3i5eQ5fyl6

– GSA SoutheastSunbelt (@ US_GSAR4) October 22, 2021

GSA usually sells Bitcoin tokens at discounted prices. For example, in April GSA Auctions sold nearly 10 Bitcoin tokens valued at 520,000 rupees (about 4 billion rupees) at that point, six percent lower than the price, which was $ 487,000 (about 3.6 billion rupees) , according to a report by Bitcoin Magazine.

However, news of the recent event sparked privacy concerns among Bitcoin enthusiasts in the US, some of which have been voiced on Twitter.

Almost 5 #BTC worth over $ 300,000 will be auctioned in 5 different lots in a US government-run Fall for Cryptocurrency online auction. between October 26-28, 2021. Privacy seems to be the real cost of such a purchase, which is more than 6% below market price.

– #Hawk (@___Hawk____) October 27, 2021

Bitcoin Magazine’s report also notes that buyers are trading their personal information with the U.S. government in the form of an invasive Know-Your-Customer (KYC) protocol for a small discount.

Regardless, these Bitcoin tokens are being auctioned amid the growing craze for cryptocurrencies in the US and many other parts of the world.

For example, former US presidential candidate Andrew Yang recently launched a new political initiative campaigning for the regulation of cryptocurrencies in the country.

Last week, American retail giant Walmart announced the installation of 200 Bitcoin ATMs in its selected US branches.

The US, like other countries including India and Pakistan, currently lacks a solid foundation to regulate and benefit from decentralized cryptocurrencies.

The crypto market is now experiencing rapid expansion worldwide.

This month, the combined market capitalization of all cryptocurrencies has passed a milestone of $ 2.5 trillion (about 1.87.42.625 billion rupees), according to cryptocurrency tracker CoinMarketCap.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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