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US Government Auctioning $300,000 Worth of Bitcoin
The U.S. Government is auctioning just under $300,000 worth of Bitcoin this week.
The General Services Administration (GSA) is currently hosting an online auction of 4.92 BTC, worth around $290,000 at the current price of Bitcoin. The auction is split across five lots, with bidding set to close at 5 pm CT on October 28; the smallest lot available is 0.44 BTC, worth just under $26,000, while the largest lot of 1.5 BTC is worth around $88,400 at current prices.
At the time of going to press, the highest bids are at a slight discount to the price of Bitcoin, with all the winning bids currently totaling $283,630.
This isn't the first time that the U.S. government has auctioned off Bitcoin, with the GSA arranging auctions of Bitcoin in March and April this year.
On the former occasion, a single lot of 0.75 BTC was purchased for $53,104, a 21% premium on the then-current price of Bitcoin. On the latter, the 11 lots amounting to 9.45 BTC were sold for $487,000, at a significant discount. At the then-current price of Bitcoin they would have fetched $520,000 on the open market.
The U.S. government has also conducted several big-ticket sales in the past; in February 2020 it sold off 4,000 BTC (then worth $37 million) that had been forfeited in federal criminal, civil and administrative cases.
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