U.S. government decides to auction Bitcoin in their upcoming auction

Recently the US government officials revealed something out of the ordinary. They said that the government will offer Bitcoin in its upcoming auction. Usually, the General office auctions material goods. Like cars, storage containers, etc. But, its decision to auction BTC at this point came as a surprise to many.

Most of the time the US-based GSA auctions equipment that is in federal surplus to the public. The current bitcoin auction will occur in a week under lot number 4KQSC121105001. This auction states that bitcoin has already become more mainstream.

How much bitcoin will the Government auction?

The quantity of bitcoin they are auctioning is 0.7501 BTC. Its estimated value should be around $38,700. Although, the government denies to answer, from where they confiscated such bitcoin. Clearly, they have no use of it.

Though unbelievable, this is not the first time the Government is auctioning bitcoin. In fact, this quantity is not even close to the amount of bitcoin the US officials offered in public action. This dates back to 2014 when the US Marshals Service auctioned around 30K bitcoin. They seized ransomed bitcoin from the Silk Road market. With all that happening, many large entities are buying their stake in bitcoin. And the cryptocurrency is all set to break through newer barriers.

What was the valuation of the 2014 Auction?

When the US auctioned around 30,000 bitcoin, its estimated value was around $19 Million in 2014. Later, Trim Draper, a venture capitalist bought them, but the price was never disclosed. It is estimated that bitcoin would be roughly worth around $1.5 Billion as bitcoin skyrocketed to $51,000.

When will this auction occur?

Auctions where items like scientific equipment, heavy machinery, vehicles arrive. Bitcoin is certainly receiving a lot more interest from the public. As per the GSA’s official auction website, the auction will be in Atlanta, Georgia. Here bidders will bid their price and the one to bid highest is the winner. The bidding will start from 5 PM on 15th Mar and last until 48 hours. The starting amount will be around $25,000 as per sources.

The full payment for 0.7501 BTC will occur via wire transfer on or before 19th March. Once the auctions are complete the winner will receive all the bitcoins. This is after the clearance of all dues.

What are the requirements for Entering the Auction?

Below are the documents you need to present before entering the auction successfully:

• Forfeited Property Sales Certification Form:

This form is mandatory for all the appliers. As it reveals the nature of business you do. It also proves that you do not work for the Department, and also not the previous owner of those bitcoins.

• Bitcoin End-Use Certificate:

This is a mandatory criterion for the auction. In the form, you need to enter your name, bitcoin wallet details, your personal identity number, and other personal information.

Your participation in the auction is subject to successfully completing both of these forms.