The “Fall for Cryptocurrency” is an online Bitcoin auction hosted by GSA Auctions, which is funded by the US government. The federal government of the United States is auctioning 4.94 Bitcoin tokens worth more than $300,000 each, based on Bitcoin’s current selling price of $63,925 (approximately Rs. 48 lakh) each token. GSA Auctions is a service of the United States General Service Administration (GSA), which is in charge of clearing excess assets held by the federal government. This online auction will run from Tuesday, September 26 until Thursday, October 28.
GSA Auctions announced the event on its region-specific Twitter accounts.
GSA frequently sells Bitcoin tokens at a discount. According to a report by Bitcoin Magazine, in April, GSA Auctions sold over ten Bitcoin tokens valued at $520,000 (approximately Rs. 4 crores) for 6% less than the price at the time, which was $487,000 (about Rs. 3.6 crores).
However, the newest episode has sparked privacy worries among Bitcoin fans in the United States, some of whom have aired their concerns on Twitter.
Buyers are also selling their personal information with the US government in terms of an intrusive Know-Your-Customer (KYC) process for a marginal discount, according to Bitcoin Magazine.
Regardless, these Bitcoin tokens will be auctioned off amid the rising interest in cryptocurrencies in the United States and throughout the world.
Former US presidential candidate Andrew Yang, for example, has started a new political movement advocating for cryptocurrency legislation in the nation.
Last Monday, Walmart, the world’s largest retailer, announced the installation of 200 Bitcoin ATMs at various store locations around the United States.
For the time being, the United States, like other nations such as India and Pakistan, lacks a strong base on which to govern and profit from decentralized cryptocurrencies.
In the meantime, the crypto market is exploding all over the world.
According to cryptocurrency tracker CoinMarketCap, the total market capitalization of all cryptocurrencies reached $2.5 trillion (approximately Rs. 1,87,42,625 crore) last month.