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GSA Is All Set To Auction Bitcoin For The Second Time

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The United States General Services Administration [GSA] has revealed its intention to auction off 6.79 Bitcoin, on the 24th of March. The net worth of the bitcoins now stands at $384,000 approximately.

According to the federal General Services Administration, the upcoming auction which is essentially commission-free bidding on the 6.79 BTC, divides the Bitcoin into 10 lots. It is all set to commence on the 29th of March, at 4 PM CT. The auction will last for only 48 hours and the bidding closes on the 31st of March at 4 PM CT.

The official press release further detailed,

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“Registration is required to place a bid, and the winning bidder must make a payment via wire transfer no later than April 2, 2021. The winning bidder will also need a digital wallet in order to receive the property. As there is no tangible asset up for bid, GSA will not hold an inspection day.”

Talking about the popularity of Bitcoin and the current state of clamor surrounding the crypto ecosystem coinciding with the bidding, Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service asserted,

“Our first steps wading into the cryptocurrency market quickly became one of our hottest auctions of 2021, but it was really just a test run for our latest bitcoin auction. With 10 lots up for bid, we expect this auction will generate even more excitement among cryptocurrency investors.”

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GSA has regularly held auctions on surplus federal assets. These include office furniture, school buses, aircraft parts, vehicles, scientific equipment, and collectibles. It can also be seized property or gifts.

Interestingly, the US agency has now become an “unexpected broker” and  Bitcoin seems to have been the “only piece of cryptocurrency” to have fallen under the purview of the country’s General Services Administration. However, it is unclear as to how it obtained the crypto-assets as the GSA refused to share where it came from, citing privacy concerns.

The latest news comes a week after executed its first-ever cryptocurrency auction. It had previously sold 0.7501 Bitcoin at a premium of roughly $9,000. During this auction, a total of 31 bidders completed 204 total bids.

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This might be GSA’s second tryst with Bitcoin, but the federal government has been auctioning the crypto-asset since 2014. It also started after the FBI closed down the infamous online darknet market, Silk Road, and seized over 170,000 bitcoin in the process.

The US Marshals Service, has, in fact, conducted the first Bitcoin auction and has reportedly auctioned off more than 187K bitcoin in subsequent auctions since then.

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Altcoin

Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000

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As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.

In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.

“As an investment, I think Ethereum has the most upside.”

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Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.

“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”

Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.

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Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.

Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.

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ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval

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The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.

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Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.

Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”

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Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.

BTC hit its all-time high of $64,804.72 in mid-April.

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Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer

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Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.

Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.

Cramer also stated that he may cash out half of his Ethereum stash.

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SEC approval for ETF may push Bitcoin up, Cramer says

Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.

He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.

However, he stated that people are running ahead of a possible ETF approval.

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Bitcoin spikes to $59,500 as chance for ETF approval emerges

Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.

The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.

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The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.

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