U.S GSA to Run a Third Crypto Auction on Friday with More than $500,000 in Bitcoin

crypto auction

April 22, 2021

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The U.S. General Service Administration (GSA) is continuing to take advantage of the cryptocurrency fever with its periodic auctions. Started on March 15, the GSA Auctions began conducting commission-free cryptocurrency sales for interested buyers.

On Friday, April 23, at 5 p.m. Eastern, GSA will be holding a third crypto auction. On this auction, 9.45 BTC will be up for grabs. Considering the current price of Bitcoin is around $54,486, GSA could be auctioning a Bitcoin worth more than $500,000.

GSA Secured $450,567 from the First Two Auctions

GSA started small in its first auction of leading cryptocurrency by market cap Bitcoin, with only 0.7501 Bitcoin being sold. In two days, the auction had accumulated 31 bidders who made 204 total bids. The highest bid stood at $53,104, which was around $9,000 above the market price of 0.7501 Bitcoin.

On March 29, GSA held a second auction that was selling off 6.79 BTC. At the time, 6.79 BTC were selling at $384,000. From these first two auctions, GSA reported having raised $450,567.

GSA is steadily growing the number of coins its Bitcoin auction. From 0.7501 to 6.79 and now it has increased to 9.45 Bitcoin. The third GSA auction will run from April 23 to April 26. Bidders can prepare for the auction by registering on the GSA Auctions Platform and be in possession of a digital wallet to receive the Bitcoin.

Crypto Now on GSA Auctions Platform for Its Undeniable Value

The GSA is responsible for government building and other property. Before its launch of the Bitcoin auction, it mainly focused on vehicles, equipment, computers, furniture, and other federal government’s property. It seems the U.S. government is finally admitting to the undeniable value of cryptocurrency especially the leading cryptocurrency by market cap. It may be for this reason that the agency decided to incorporate it into the GSA Auctions platform.

GSA stated that it would not be revealing the source of the Bitcoin for privacy reasons. It is ironic considering the government has been attacking the “private” nature of digital coins. Nonetheless, crypto enthusiasts can take advantage of this crypto auction and secure these coins.

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