GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction

GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction

The US General Services Administration (GSA), which offers federal web-enabled auctioning services for surplus, forfeited and government property will add Litecoin for the first time on its fourth auction this year.

The GSA said in an official statement that there are eleven crypto bidding slots, including bitcoin and Litecoin with a combined worth of approximately $377,000.

“Bidding on 11 slots of cryptocurrency, totaling 8.93 BTC, and 150.2 LTC and with a combined market value of nearly $377,000 begins on Friday, June 18, 2021 at 5 p.m. ET.”

The four-day event, which features a time extension to accommodate last-minute bids is planned to close on Monday and marks the first time that Litecoin is being auctioned by the GSA.

Unlike LTC, Bitcoin has previously been featured three times on GSA’s earlier auctions since the agency started auctioning it on behalf of the US government in early 2021. So far, the GSA has successfully facilitated the bidding of 16.99 BTC which generated a total of $937,092.


Crypto Auctions Are Good Opportunities for Experienced Investors

According to Thomas Meiron, the Regional Commissioner for GSA’s Federal Acquisition Service, the crypto community has responded enthusiastically to the crypto options.

“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community.”

The agency now predicts that the addition of another type of cryptocurrency will add to the already growing excitement and make the upcoming event even more interesting.

Interested investors are required to register prior to the auction, and the winning bidder to complete a wire transfer no later than June 23, 2021. While the GSA requires the winning bidder to have a digital wallet, it doesn’t specify any preferences.

“The winning bidder will also need a digital wallet to receive the property. Network transaction fees may apply.”

How Much BTC Has The US Government auctioned?

Despite being home to the world’s most innovative blockchain technology hub, the US government continues to have a complicated relationship with Bitcoin and the entire digital assets class. 

For instance, the crypto community is still riled up by the deliberate omission of cryptocurrencies in the recent Federal Reserve Conference which focused rather on the stock market. Earlier in May, Federal Reserve Chairman Jerome Powell explicitly said that cryptocurrencies have no intrinsic value.

However, the US Government happens to be one of the largest BTC whales, with most of it being publicly auctioned off through the US Marshals Service, making it a key player in the crypto industry. According to Investopedia, the US Government has auctioned off at least $1 billion worth of confiscated BTC through the U.S Marshals.