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21-06-2021 | Crypto

The United States Government Is Auctioning $377K Worth of Bitcoin and Litecoin.

The united states government is selling $377K worth of bitcoin and litecoin through the General Services Administration (GSA). The auction is set to expire at 5 p.m. on Monday, with the chance of an extension. The government auction house is selling the digital assets in 11 lots, with active bidding on all of them thus far.

The GSA Auction House has nearly 10 Bitcoin and 150 Litecoin for sale, with the auction ending today.

The General Services Administration, also known as the GSA, is auctioning two types of crypto assets from June 18 until Monday, June 21. Bidders in the GSA auction can purchase 11 pieces of cryptocurrency worth about 8.93 BTC and 150.2 LTC.

The total value of the BTC and LTC lots is estimated to be around $377,000 by the US authorities. Since the beginning of 2021, the GSA has sold crypto assets on behalf of the US government, according to the release.

The GSA has auctioned crypto assets three times so far, selling a total of 16.99 BTC. The past three GSA auctions resulted in a total of $937,092 in bitcoin assets sold on the site. “Become a part of the expanding cryptocurrency community by putting a winning offer during GSA Auctions' next cryptocurrency sale,” the GSA commercial says.

In a statement, Thomas Meiron, Regional Commissioner for GSA's Federal Acquisition Service, stated, "Experienced investors understand a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community." “This promises to be one of our most interesting auctions of the year, with the addition of a new sort of cryptocurrency.”

Meiron is referring to litecoin (LTC), which is a new sort of digital asset, while previous auctions only sold bitcoin (BTC). The GSA was established in 1949 to handle government surplus, forfeited commodities, and federal personal property that are no longer needed.

The US government's independent agency allows the general public, corporations, and other government agencies to bid on things in a competitive manner. Electronic bidding is required for both domestic and international GSA auction customers.

The President's declaration of a national emergency on March 23, 2020 prompted the electronic-only purchasing arrangement. Since then, the GSA has stopped accepting cash, money orders, cashier's checks, and official or personal checks as payment methods.

The crypto lots being sold have a description that states that if a bidder wins, they must assume responsibility for paying the mining network fee. Bidding has been lively thus far, with dozens of offers placed on the GSA's present digital asset stockpile.

What are your thoughts on the next GSA cryptocurrency auction? In the comments section below, let us know what you think about this topic.

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