Crypto Investors Try to Buy a Rare Copy of the US Constitution
Cryptocurrency investors took the notion “We the people” from the US Constitution to the next level.
Just recently, a group of crypto investors decided to pool in a lot of money to get a rare copy of the US constitution. For that, the group has reportedly raised around $54 million. However, the crypto enthusiasts could not buy the original document despite having a huge amount of money under their belt.
Sotheby’s US Constitution auction
Sotheby’s, an auction house, sold the early US constitution copy for $56 million on Thursday. Apparently, many people were in to buy the rare piece of document. Constitution DAO, a renowned group, stated that they were willing to buy it.
The group said in a Tweet on Thursday that they were unable to get their hands on the rare US constitution document. Regarding this, they stated, “While this wasn’t the outcome we hoped for, we still made history tonight with Constitution DAO. This is the largest crowdfund for a physical object that we are aware of — crypto or fiat.”
The group stated that they would return the funds to those who contributed. However, this would only include the pro-rata amount, which is the net amount after subtracting all the gas fees.
DAO stands for decentralized autonomous organization. These organizations are set up through the blockchain, which is the building block of cryptocurrency transactions, including the famous Bitcoin.
Basically, most investors who contributed to the pool of Constitution DAO were using Ethereum, which is currently the 2nd most valuable crypto in the world. That is what they used to arrange the funds for the offer.
Before the auction started, the estimated price of the document was between $20 million to $27 million. Originally, 500 copies of the US constitution document were printed. But today, only 13 copies are circulating around.
And since crypto payments are becoming very popular, it makes sense that a group of crypto investors decided to buy the US Constitution document via crypto. The auction house itself supports Ethereum and Bitcoin transactions for collectors to bid on various items, including pieces of art.
Unfortunately, the group still failed to buy the rare US constitution print, despite raising a huge amount of money.
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