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 SoutheastSunbelt (@US_GSAR4) October 22, 2021
However, news about the latest incident has raised privacy concerns among bitcoin enthusiasts in the US, some of whom have expressed themselves on Twitter.
about 5 #B T c Over $300k will be auctioned across 5 different lots in ‘Fall for Cryptocurrency’, an online auction event organized by the US government. Between 26 and 28 October 2021. Privacy The actual cost of such a purchase appears to be more than 6% below the market price.
— #hawk (@___hawk____) October 27, 2021
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.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.