The U.S. General Services Administration (GSA) usually utilizes auctions to sell surplus federal equipment to the public.
Where did the BTC come from?
The GSA auction will be held from March 15 to 17. What is more interesting and what the public would like to know are the origins of the bitcoins.The government has remained mum about where the surplus BTC came from.
This is a low amount and a far cry from the nearly 30,000 BTC sold by the U.S. Marshals Services in 2014. The bitcoins were seized from the darknet marketplace Silk Road.
The bitcoins were valued at $19 million at the time, and venture capitalist Tim Draper won the auction.
The value of those bitcoins has swelled to around $1.6 billion as bitcoin’s price skyrockets to $54,754 at the time of writing.
The government’s auction is another sign that bitcoin has gone mainstream.
Bitcoin in the mainstream
Wall Street has found bitcoin’s allure irresistible. Several major institutions are becoming part of the bitcoin ecosystem, and of course, some are taking a cautious approach.Morgan Stanley, a multinational investment bank known for picking growth stocks, is thinking about investing in bitcoin. The bank is invested in NYDIG, a bitcoin services company.
Last week, it was reported that Goldman Sachs was considering restarting its cryptocurrency trading desk, at least according to a person close to the matter.
Bank of New York Mellon, a leader in custody banking is planning to hold and transfer digital currencies. On the other hand, Mastercard will allow users to send and receive select cryptocurrencies on its network.
With several companies such as Tesla, Square, and MicroStrategy among others, it has become difficult to ignore the leading digital asset.
An institutional asset
Bitcoin’s run to new all-high prices, and the ability to sustain these prices, has made this bull cycle look different from the one in 2017.The conversation around bitcoin has shifted from bubble to digital gold. Some even see it as a safe haven asset.
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