'Fall for Cryptocurrency': The US Government Is Auctioning $300,000 in Bitcoin Tokens

The "Fall for Cryptocurrency" is an online Bitcoin auction hosted by GSA Auctions, which is backed by the US government. The federal government of the United States is auctioning 4.94 Bitcoin tokens worth over $300,000, based on Bitcoin's current trading price of $63,925 per token. GSA Auctions is a service of the United States' General Service Administration (GSA), which is in charge of clearing surplus assets held by the federal government. This online auction will run from Tuesday, September 26 to Thursday, October 28.

GSA Auctions posted details about the event on their region-focussed Twitter handles.

GSA frequently sells Bitcoin tokens at a discount. According to a report by Bitcoin Magazine, GSA Auctions sold nearly ten Bitcoin tokens worth $520,000 in April for 6% less than the current price of $487,000.

However, the latest event has sparked privacy concerns among Bitcoin enthusiasts in the United States, some of whom have expressed their concerns on Twitter.

Buyers are also trading their personal information with the US government in terms of an invasive Know-Your-Customer (KYC) protocol for a marginal discount, according to Bitcoin Magazine.

Regardless, these Bitcoin tokens will be auctioned off amid the growing interest in cryptocurrencies in the United States and around the world.

Former US presidential candidate Andrew Yang, for example, recently launched a new political initiative advocating for cryptocurrency regulation in the country.

Last week, Walmart, the world's largest retailer, announced the installation of 200 Bitcoin ATMs in select store locations across the United States.