U.S Government Sells 9.45 BTC at Auction

Bitcoin has come a long way. From a time when it was thought of as a currency for underworld transactions, it is now auctioned by governments alongside other legal items. The latest of such an auction is by the U.S government, which recently auctioned 9.45 BTC for $487k. The auction took place on Monday and saw the BTC sold in batches, some above the market rate and others below it.

Of the BTC sold, 2 were sold at $103,025, which was $7000 lower than the prevailing market price, 1.75 BTC at $91k or $5000 below the market rate, 1.5 BTC at $75,875 or $7000 below the market rate, 1.25 BTC at $62,275 or $7000 below the market rate, 1 BTC at $52011 or 3k below the market rate, 0.75 BTC at $40,025 or $1k above the market rate. There were several smaller amounts of Bitcoin that were all sold at less than the market rate.

The auction was done by the GSA, which is the body tasked with all auctions for the federal government, including those of real estate, automobiles, and other things of value.

This is a massive indicator that though the regulatory environment is not clear, governments, including the U.S, now see cryptocurrencies as valuable assets. With the asset now going mainstream with a trillion-dollar market cap, many more governments are likely to see it as an asset. Favourable regulations could also follow, not just in the U.S but across the globe.

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