A group of crypto fans are getting together to bid on a first edition copy of the U.S. Constitution.
Buying the Constitution with Crypto… Can It Be Done?
The group – which calls itself Constitution DAO – has allegedly raised more than $32 million in crypto funds from anonymous donors in under seven days. Apparently, they really want to purchase a piece of American history. At this stage, enough money has been raised that the individuals can compete with the heavy bidders they are likely to be up against.
Writing about the situation, one of the donors explained:
Crypto will allow the US Constitution to fulfill its original mission! Freedom!
This person ultimately donated approximately $400 in Ethereum funds to the cause. The auction was set to occur on Thursday, November 18 in New York at 6:30pm. Live will unveil later if the team has won or not.
It was initially believed that the document would fetch somewhere in the $20 million range. However, the organization has clearly raised more than that, which puts it in a good spot to take the bidding lead. A representative of the group – which is still looking to raise additional funds – says that garnering as much as $40 million would give it a “great chance of winning.”
The U.S. Constitution was written in 1787. America was a new country, and – eager to cement its position in the world and escape British rule once and for all – it wrote out a list of rules, regulations, and principles that the American people continue to follow today.
As many as 500 copies were initially printed when it was first written over 230 years ago, and this example up for bid is just one of 13 that are still believed to remain intact. For many years, it was in the hands of a private collector, but now one stands to gain something huge in purchasing the framework for America’s democratic policies.
Graham Novak – an associate at a venture firm – is one of the financial contributors to the group. He says this is all part of a blockchain-based experiment to shut out those who can move ahead in life simply because they have financial stability and wealth. He comments:
What we’re trying now is the great decentralized blockchain experiment. Who else is going to buy this? A super-wealthy person who just puts it in a collection in their basement?
This copy of the Constitution first went up for sale in the year 1988. It was purchased by real estate developer S. Howard Goldman at an auction, and he and his wife displayed the item publicly throughout the years.
Keeping the Document Safe
On its website, the crypto bidding group offers the following reassurance:
None of the core contributors wish to physically alter The Constitution in any way and are committed to its safety and security.