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On Monday, The U.S. General Services Administration (GSA) announced that it will be auctioning 0.7501 Bitcoin worth around $38,000 at the day's current price. This indicated to investors that the government had a surplus of the token, as that is the usual reason it auctions off properties.
The auction is scheduled to hold from March 15 to 17 in Atlanta, Georgia, and is starting with an opening bid of $25,000.
Also, news about Norwegian oil billionaire Kjell Inge Rokke coming out in support of bitcoin, and his company Aker announcing its investment of half a billion Norwegian kroner ($58 million) into a new bitcoin company increased investor confidence in the token's long-term upside.
Bitcoin is up 6.7 percent as of reporting time today and is currently trading around $54,000 (N25,920,000).