The US General Services Administration (GSA) has issued a statement inviting the public to participate in the upcoming GSA auctions that will kick off at 5 pm (ET time) where $377,000 worth of cryptocurrency will be auctioned over a four-day period .
11 lots of cryptocurrency including 8.93 Bitcoins (BTC) and 150.3 Litecoins will be on the auction list..
It is actually the first time Litecoin will be on offer since the GSA began auctioning cryptocurrencies early this year on behalf of the US government.
A total of 16.99 Bitcoins worth $937,092 have been sold over three auctions by the GSA.
“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community,” Thomas Meiron, the Regional Commissioner for GSA’s Federal Acquisition Service said.
“With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.”
The process will begin with registration of bidders after which bidding will commence.
All successful candidates are expected to pay via wire transfer no later than June 23.