Bitcoin (BTC) Auction on February 18, 2020, by US Government

By dan saada February 5, 2020 Off
bitcoin auction

Forfeited Bitcoin from several Federal, Civil, and administrative cases will be auctioned by the US government.  Registration is open for bidding for 4,040 bitcoin, which is currently worth $37 million.

The US Marshals Service, a federal law enforcement agency with the Department of Justice is holding the auction.

The for-sale notification read thus: “This sealed bid auction is for 4,040.54069820 bitcoin … The required deposit to participate in this auction is $200,000.00 USD.” More importantly, the Bids are supposed to be all-cash offers.

The time factor they claim, “The number of bids received and the complexity of the review process may require additional review time.”

Sydney Ifergan, the Crypto Expert, tweeted:  “So, the US government is permitting the auction of the Bitcoin, and it means that the token is navigating mainstream. Will the governments slowly try to take control of Cryptos? Obviously, Yes.”

Bitcoin Auction – Wire Purchase

The winning bidder will be able to buy the Bitcoin through bank wire.  Those who do not remit the payment by February 19 will be disqualified, and another bidder would be chosen.

The USMS clearly stated:  “These bitcoins were forfeited in various federal criminal, civil and administrative cases.”

The money came from a variety of cases like the “Drug Enforcement Administration (DEA), the Internal Revenue Service (IRS), the Federal Bureau of Investigation (FBI), the Homeland Security Investigations (HSI) and the Customs and Border Protection (USCBP) and others.

This is not the first time that Bitcoin is auctioned.  The first bitcoin auction took place in 2014. The auctioning agency is also a custodian for nearly 22 different types of cryptos who have been seized by the DOJ and the Department of Treasury.

Bitcoin for Individuals Businesses and Developers

The interest for Bitcoin (BTC) grew as it was considered as money that is free from banks, charges, delays, and fraud. With the US government permitting the auction for the value, it seems like they are okay about allowing people to send and receive Bitcoin.

The US budget deficit will pass the $1 trillion in 2020 for the first time.  It is massive debt, and the interest burden is huge as well.  The situation has crossed the place of recovery. Probably, the US government would default on its debt. The next option will be to devalue the fiat. If they do so, it will lead to geopolitical unrest.  Bitcoin growth sees geopolitical tensions as a room for it to grow.

Printing more of Fiat money will lead to massive inflation.  So, Bitcoin sustains its chance in the current scenario to serve as a store of value.

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