US General Services Administration to Auction 0.7501 Bitcoin Next Week

The US General Services Administration has put up for an open auction lot 4KQSCI21105001, which contains 0.7501 Bitcoin, which at the current exchange rate is $38,000.

March 9, 2021 | AtoZ Markets – The US General Services Administration (GSA) has announced the sale of lot 4KQSCI21105001, which contains 0.7501 Bitcoin worth $38,000.

It will be sold at a public auction, which is usually conducted by the agency to sell an unnecessary federal property. As a rule, these are cars, appliances, equipment, or furniture. Officials do not explain where the satoshi came from or why they were kept in reserve by the General Services Administration. The GSA will be held from 15 to 17 March 2021, Bloomberg reports.

This is not the first time that US government departments have put digital currencies up for sale. In 2014, the US Marshals Service put up for sale 30,000 bitcoins for $19 million at the exchange rate at the time of sale. At the moment, the value of the sold bitcoins would exceed $1.5 billion.

As explained in the Marshals Service, these digital coins were seized from the Silk Way darknet marketplace. The buyer was the well-known cryptocurrency enthusiast and investor Tim Draper, who repeatedly predicted massive adoption and record price increases for Bitcoin.

Bitcoin becomes institutional currency

Wall Street companies also continue to look to bitcoin as an asset to quickly generate profits and diversify currency risks.

“Banking giant Bank of New York Mellon Corp. said it will store, transfer and issue digital currencies, while Mastercard Inc. announced plans to allow cardholders to transact certain cryptocurrencies on its network. Morgan Stanley, known for its rising shares, is considering adding bitcoin to its potential rates, “Bloomberg writes.

More and more institutional and corporate investors are buying up bitcoin amid record price increases. Note that at the end of February, the cryptocurrency crossed the $58,000 mark.

It is possible that one or more cryptocurrency exchanges that hold extremely large amounts of BTC have been shuffling coins into different wallets for a variety of reasons, most likely security related. There is also the possibility that large institutional players and big money whales have accumulated or distributed large amounts of BTC during this consolidation period in anticipation of the price of the leading cryptocurrency going up or down,” says the study by OKEX and Catallact.

It is likely that investors are accumulating digital coins in anticipation of an early increase in their value because Bitcoin is not going to end the bullish trend.

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