Federal News Network: GSA sells over $1 million in cryptocurrency

“The General Services Administration is rethinking the way it auctions off government property with the introduction of cryptocurrency assets.

To securely hold bitcoin and other digital currencies, GSA had to develop a digital wallet where it could receive assets and transfer them to winning bidders. The agency has since auctioned off more than 25 bitcoin and 150 litecoin with a total estimated value of over $1 million.

In GSA’s most recent auction, bidders vied for 11 lots of cryptocurrency — 8.93 bitcoin and 150.2 litecoin — with an estimated value of $377,000. It’s the fourth auction this year to feature cryptocurrency, and the first to list litecoin…”

“Unlike auctions for physical assets, which last anywhere from 7 to 10 days, auctions for digital assets last three days maximum due to the volatile nature of cryptocurrency markets. But GSA will extend the deadline if there’s a bidding frenzy toward the end.

Auctioneers must also possess a digital wallet, and can only make payments for the cryptocurrency through wire transfers…”

“The source of GSA’s cryptocurrency, meanwhile, remains unknown. But generally, GSA obtains property through seizures, surpluses or even foreign gifts.

GSA’s next cryptocurrency auction is set to feature one lot of litecoin. Bidding will run from July 17 to July 19…” Read the full press release here.

Source: GSA sells over $1 million in cryptocurrency – By Jonathan Tercasio, July 12, 2021. Federal News Network.

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