BUSINESS AND FINANCE

U.S government set to auction Bitcoins within a few days

Few weeks after successfully selling 0.7501 Bitcoin, the U.S government via the General Services Administration (GSA) is set to sell 6.79 Bitcoin worth about $353,000 at current market prices.

The upcoming auction would occur in ten lots and will begin from March 29 to March 31.

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The agency’s first-ever crypto auction closed on March 17, with 0.7501 Bitcoin being sold at an almost $9,000 premium. The auction featured 31 bidders and attracted over 200 entries.

The report advised interested bidders in applying as soon as possible;

This auction marks the second time cryptocurrency was sold by the U.S. government using GSA Auctions. A .7501 fractional share of a bitcoin sold recently for $53,104 after receiving 204 bids from 31 bidders.

This auction marks the second time cryptocurrency was sold by the U.S. government using GSA Auctions. A .7501 fractional share of a bitcoin sold recently for $53,104 after receiving 204 bids from 31 bidders.

“Our first steps wading into the cryptocurrency market quickly became one of our hottest auctions of 2021, but it was really just a test run for our latest bitcoin auction,” said Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service. “With 10 lots up for bid, we expect this auction will generate even more excitement among cryptocurrency investors.”

It’s important to note that the U.S Federal government, currently has about 70,124 bitcoin worth $3.7 billion, as its crypto holdings are held in various departments of the United States Government primarily acquired through asset forfeitures in legal cases.

Thousands of BTCs worth $1 billion were seized many months ago by the United States law enforcement agencies in what the Justice Department disclosed was the largest seizure of cryptocurrency in the history of the agency.

The U.S. enforcement agencies were able to make such a seizure through a unit within the Internal Revenue Service that specializes in tracking virtual currency transactions prevalent when using cryptos.

The Internal Revenue Service agents were able to identify 54 new bitcoin transactions executed on the shady platform.

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