‘Fall for Cryptocurrency’: US Government Is Auctioning Bitcoin Tokens Amounting to Over $300,000

The US government-backed GSA Auctions is currently hosting an online bitcoin auction called “Fall for Cryptocurrency”. In this event, the federal US government is auctioning 4.94 bitcoin tokens worth over $300,000 as per the current trading price of $63,925 per token of bitcoin. GSA Auctions is a service of the U.S. General Services Administration (GSA) responsible for clearing surplus assets held federally. The online auction started on Tuesday 26 September and will end on Thursday 28 October.

GSA Auctions posted details about the event on its region-focused Twitter handle.

GSA usually sells Bitcoin Tokens at discounted prices. For example, in April, GSA auctions generated about 10 . sold of bitcoin token The $520,000 (roughly Rs. report good By Bitcoin Magazine.

However, news about the latest incident has raised privacy concerns among bitcoin enthusiasts in the US, some of whom have expressed themselves on Twitter.

The Bitcoin Magazine report also noted that for a modest discount, buyers are trading their personal information with the US government in the context of an aggressive know-your-customer (KYC) protocol.

Despite this, these bitcoin tokens will be auctioned amid the growing craze around cryptocurrency in America and many other parts of the world.

For example, former US presidential candidate Andrew Yang recently launched a new political initiative to regulate cryptocurrencies in the country.

Last week, the US retail giant Walmart announced Installation of 200 bitcoin ATMs in select store branches located across the US.

For now, the US, like other countries including India and Pakistan, lacks a solid foundation to regulate and benefit from decentralized cryptocurrencies.

Meanwhile the crypto market is witnessing rapid expansion across the globe.

This month, the market capitalization of all cryptocurrencies crossed a milestone of $2.5 trillion (about Rs 1,87,42,625 crore) according to Cryptocurrencies. tracker Coinmarket Cap.

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