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US Government Sees ‘Cryptocurrency Spring Fever’ as Great Time to Auction Bitcoin

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Damanick Dantes
·2 min read
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The press release writers at the U.S. government’s General Service Administration (GSA) are gushing about “cryptocurrency spring fever.” It might not be a coincidence that the agency plans to sell more than $300,000 worth of bitcoin at an auction next week.

According to an announcement posted Wednesday on the agency’s website, the GSA is offering commission-free bidding on 6.79 BTC, divided into 10 lots. On Thursday, bitcoin was changing hands around $50,800, so the total amount set for auction works out to roughly $345,000. The auction will take place on the GSA Auctions website, starting on March 29 at 5 p.m. ET.

“Get ready for cryptocurrency spring fever on GSA Auctions,” according to the press release. “It’s time to let your bitcoin portfolio bloom by placing a winning bid during GSA Auctions’ upcoming cryptocurrency sale.”

Related: China’s Digital Yuan Will Be a ‘Backup’ to Alipay, WeChat, Says PBOC

The auction comes just weeks after the GSA conducted its first auction of bitcoin – a chunk of 0.7501 BTC that went for $53,104.

  • While the federal government has been auctioning bitcoin since 2014, this will be the second time cryptocurrency is being sold using GSA Auctions.

  • The previous auction took place on March 17 with 31 bidders. The winning bid was at $53,104 at 0.7501 BTC. That works out to $70,796 for a full bitcoin – more than 20% over the market price of about $59,000 on March 17. So it wasn’t exactly a bargain. But the government apparently got a good price.

  • “Our first steps wading into the cryptocurrency market quickly became one of our hottest auctions of 2021, but it was really just a test run for our latest bitcoin auction,” Thomas Meiron, regional commissioner for GSA’s Federal Acquisition Service, said in the press release.

  • “We expect this auction will generate even more excitement among cryptocurrency investors,” Meiron said.

  • According to the press release, GSA Auctions is a service of the U.S. General Service Administration that serves as the government’s online clearinghouse for federally owned assets and equipment such as office furniture, vehicles, scientific equipment and collectibles.

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