US, German govt. to hold auction for seized Bitcoins
The General Services Administration (GSA), a US government agency, announced on the 25th that it will hold its seventh Bitcoin (BTC) auction. A total of 4.94 BTC, worth over $300,000 at the time of writing, would be divided into 5 slots and put up for sale.
The auction started today and will end on Thursday (October 28).
“These lots are a great introduction to the crypto community and GSA is pleased to be able to offer them for public auction,” said Thomas Meiron, a regional commissioner for the Federal Auction Service.
The GSA Auction is an online settlement agency for surplus assets owned by the federal government, including government equipment and facilities, seized goods, gifts from foreign governments, and more.
A GSA auction for crypto assets was held for the first time in March this year where 0.7501 BTC was put for sale. The sale had 204 bids reaching $53,104, which was about $9,000 higher than the market price of Bitcoin at that time.
In the auction held in June, 150.2 Litecoins were put for sale and were sold for about $15,000.
Meanwhile, Germany has taken a somewhat similar approach after the Ministry of Justice in North Rhine-Westphalia launched its first auction of Bitcoins on the 26th.
Bloomberg reported that the auction website has been flooded with applications, reaching about 4,000 newly registered users in the past few days.
At the auction, Bitcoins will be put up in units of 0.1 BTC, 0.5 BTC, 1 BTC, and 10 BTC with the bid price starting at 80% to 95% of the market price.
The NRW Ministry of Justice plans to auction a total of 215 BTC, mainly seized during the Dark Web investigation. The proceeds will be used to finance the state.
Apart from Bitcoin, the government agency also owns other cryptocurrencies such as Litecoin, Ethereum (ETH), XRP (Ripple), and Monero (XMR), according to local news media Legal Tribune.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow