GSA joins cryptocurrency craze with first ever bitcoin auction

 GSA joins cryptocurrency craze with first ever bitcoin auction

The General Services Authority has acquired a stake in the bitcoin and will put it up for auction later this month

The General Services Administration is gearing up to auction more than three-quarters of the bitcoin stake later this month - a first for the agency.

Although GSA is most widely known as a government buyer and landlord, the agency also operates the GSA Auctions auction platform, where it sells everything related to used and no longer needed federal property. Past auctions have ranged from conventional ones like old computers and monitors to unique ones like a Black Hawk helicopter, a lighthouse and even a bag of lottery tickets.

But offering a stake in cryptocurrency is new to GSA.

According to the agency, from March 15 to March 17, the GSA will accept bids for the purchase of 0.7501 shares of one bitcoin, worth more than $ 38,000 as of March 5, 2021.This share of bitcoin was worth $ 38,112.58 on Monday.

This auction marks the first time a cryptocurrency will be available for public sale through GSA auctions, and it is the only cryptocurrency that has fallen under the purview of the US General Services Administration,a GSA spokesman told Nextgov.

Although the agency declined to disclose where the bitcoin share came from, citing privacy concerns,a GSA Auction spokesman noted that the items in the GSA auction come from a wide variety of sources, including surplus government equipment, confiscated property and gifts from foreign governments.

The auction starts at 17:00. March 15th and ends 48 hours later at 17:00. March 17.

Potential bidders must register with the GSA auction site prior to bidding. Payment for the successful bid must be made by March 19th.

Whether it's a car, jewelry, or even cryptocurrency, you never know what treasures can be found at GSA auctions,Kevin Kearns, Acting Administrator for the Southeast Sun Belt Region, said in a statement. Special thanks to the GSA Personal Wealth Management Team in the Southeastern Great Lakes for making our very first cryptocurrency auction a reality.

The auction is designed as an opportunity to start investing in cryptocurrency. However, Bitcoin, like other cryptocurrencies, is not a traditional investment commodity. The goal is similar to the one in the stock market of buying low and selling high, but the cryptocurrency markets have been very volatile over the years.

 GSA joins cryptocurrency craze with first ever bitcoin auction

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