US government auctions Bitcoin tokens valued at over $ 300,000

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GSA Auctions, backed by the US government, is currently running an online Bitcoin auction called “Fall for Cryptocurrency”. In this case, the US federal government is auctioning 4.94 Bitcoin tokens for an amount of over $ 300,000 based on Bitcoin’s current trading price of $ 63,925 (approx Rs. 48 lakh) per token. GSA Auctions is a service of the United States General Service Administration (GSA) that is responsible for clearing excess assets held federally. This online auction started on Tuesday September 26 and will end on Thursday October 28.

GSA Auctions posted details of the event on its region-focused Twitter accounts.

GSA generally sells Bitcoin tokens at discounted prices. In April, for example, GSA Auctions sold nearly 10 Bitcoin tokens worth $ 520,000 (around Rs. 4 crore) at the time for 6% less than the price, which was $ 487,000 ( approximately Rs. 3.6 crore), according to a report by Bitcoin Magazine.

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News of the latest event, however, has sparked privacy concerns among Bitcoin enthusiasts in the United States, some of whom have spoken on Twitter.

The Bitcoin Magazine report also notes that for a marginal discount, buyers exchange their personal information with the US government in terms of an invasive Know-Your-Customer (KYC) protocol.

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Either way, these Bitcoin tokens will be auctioned off amid the growing craze for cryptocurrencies in the United States and many other parts of the world.

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

Last week, U.S. retail giant Walmart announced the installation of 200 Bitcoin ATMs at its select store branches located across the United States.

For now, the United States, like other countries including India and Pakistan, lacks a solid foundation to regulate and benefit from decentralized cryptocurrencies.

The crypto market, on the other hand, is expanding rapidly around the world.

This month, the market capitalization of all cryptocurrencies combined crossed the $ 2.5 trillion mark (roughly Rs. 1.87.42.625 crore) according to cryptocurrency tracker CoinMarketCap.

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Interested in cryptocurrency? We discuss all things 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 wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by The Bharat Express News. The Bharat Express News will not be liable for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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