US Procurement Agency is Planning a 6.79 Bitcoin Auction

In the coming week, the United States General Services Administration (GSA) will auction about 6.79 Bitcoin, according to an update on Wednesday. The GSA is an agency providing centralized procurement for the US federal government. 

The announcement today comes one week after GSA auctioned the first-ever Bitcoin through its online clearinghouse service, GSA Auction. According to them, the first auction was more like a test run, yet it generated lots of excitement amongst crypto investors. 

“Our first steps wading into the cryptocurrency market quickly became one of our hottest auctions of 2021.”

The US government is getting acquainted with selling seized cryptocurrencies. Earlier this year, U.S. Marshals Service (USMS) announced the auctioning of 4,040.5 Bitcoin, which was worth about $37 million at the time. 

An auction worth USD $380k

During press time, Bitcoin was trading at USD $55,992 according to CoinMarketCap; hence, the 6.79 BTC to be auctioned are worth over US$380,000. The cryptocurrencies will be split into ten different lots and auctioned via the GSA Auction webpage. Bidding starts from March 29 till March 31, according to the report. 

This might possibly provide crypto investors with an opportunity to purchase Bitcoin at a price lower than its market value. The GSA didn’t mention how the government got those cryptocurrencies. However, the cryptocurrencies were likely confiscated from cyber-criminals, just like the ones sold by the Lithuanian government lately.

As Crypto News Australia reported in November, the Lithuanian government bagged more than AU$10 million by selling confiscated cryptocurrencies, which included Bitcoin (BTC), Ethereum (ETH), and Monero (XMR). These cryptos were reportedly seized by law enforcement agencies in February last year.