U.S. Government Announces Auction of Partial Bitcoin
2 min read
GSA Auctions announced this morning that they are auctioning roughly three-quarters of a bitcoin worth $38,000 at current pricing.
The United States General Services Administration (GSA) website “offers the general public the opportunity to bid electronically on a wide array of assets no longer needed by the federal government ranging from office equipment and furniture to more select products like scientific equipment, heavy machinery, airplanes, vessels, and vehicles.”
Other featured assets rolling off their auction block include one lot of assorted tile, one lot of lead from cartridge casings, and some steel plates. The hefty chunk of Bitcoin goes live on March 15, with an opening bid of $25,000.
Bitcoin & Crypto is the Future
Could this mean that 2021 might shed new light on digital currency? While regulation is currently in murky waters, there is new hope. With the new Biden administration in place, crypto advocates are pushing for guidance and innovation.
To ease crypto regulations, here are some key regulatory concerns that the current administration must tackle:
- Market competition and efficiency (no collusion)
- Consumer protection – fraud and theft
- Consumer protection – loss of value (investor protection)
- Insider Trading
- Tax Evasion
- Anti-money laundering
In short, all the same concerns we have with legal tender.
Innovation Has No Limits
Just a few days ago, Kraken CEO and co-founder Jesse Powell plugged Bitcoin as the “world’s next currency.” Since the U.S. Government has already begun testing the waters by selling off their Bitcoins, perhaps Powell’s prediction is right. It is the innovation behind Bitcoin that propelled it to the top of the crypto ranks.
By 2022, the price of a single Bitcoin is estimated to surpass $100,000. The determinants for creativity and innovation include people and culture. They also include resources, capabilities, and processes in an organization’s system and structure. Innovation is the result of embedding new and existing knowledge. It also activates and challenges latent knowledge.
Perhaps the United States Government is gently starting to embrace the infinite ways innovation and cryptocurrency can impact the world.
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