GSA Holding Bitcoin Auction Worth $300,000

Reading Time: < 1 minute
  • The GSA is holding a Bitcoin auction worth a market price of $300,000
  • The government department is auctioning off 4.92 in five lots
  • It has already auctioned over 10 this year
  • The General Services Administration (GSA), a branch of the U.S. government, is currently hosting a Bitcoin auction of 4.92, worth some $300,000. The GSA, an independent government agency that helps support the basic functioning of federal agencies, is hosting the auction on its website alongside the trucks, haulage equipment, vessels, buildings, and more for which it is responsible. The bitcoin is being sold in five lots, with bids currently sitting slightly under market price.

GSA Offering Up Third Bitcoin Auction in 2021

The GSA has already arranged Bitcoin auctions in March and April of this year, with 0.75 and 9.45 being sold respectively, the latter across 11 lots; the March buyer paid a 21% premium on the then Bitcoin price while the April winners saved a collective $33,000 as their winning bids came in below the market price.

Almost all the bitcoin sold through U.S. government auctions is that seized from criminals, with the most famous example being in 2014 when Tim Draper bought 29,657 taken from the Silk Road drugs empire. Draper’s investment cost $19 million and is now worth $1.75 billion.

Auction Ends Today

The GSA doesn’t state where its bitcoin has come from, but the fact that the entity deals in state-owned assets suggests that it may have been held back by the state following other seizures and the government now wishes to cash in on its profit.

Those wishing to take part in the auction have until 5pm today to place their bids. Winning bidders will have to go through an arduous identity program, including submitting a Bitcoin End Use Certificate to the government.