A copy of the U.S. Constitution was recently up for grabs to the tune of millions of dollars. The item was set to be auctioned off last week as one of only 13 copies of the document left standing, and a group of alleged crypto fans – operating under the name Constitution DAO – stated their intention to bid on the product.
Who Bought the Constitution?
The organization began collecting crypto donations from tens of thousands of people across social media platforms, claiming that the auction – which was being hosted by Sotheby’s – should not simply be open to people because they were rich or powerful. They wanted to prove that cryptocurrency had a solid place in the world of modern finance.
The group stated its intention to keep the Constitution fully protected and preserved. It would not be altered in any way, and thus Americans didn’t need to worry about the document that ultimately formed the backbone of legislation in their home country. In all, the group wound up raising more than $30 million in digital funds, which it used to bid on the Constitution. All seemed well at first, but ultimately, this sum turned out to be $10 million short of what auctioneers were looking for.
The winning bidder has been revealed to be Kenneth Griffin, a hedge fund billionaire that bid more than $40 million on the item. Based on this evidence alone, it appears as if the experiment so boldly put forth by Constitution DAO has not worked. Ultimately, it was a very wealthy man with tons of money in his bank account that took the prized possession home.
In addition, it is believed that the winning bid saw the Constitution being purchased for more than double what it was stated to be worth. Initial appraisals of the item suggested the document to be worth anywhere between $15 and $20 million.
Things Aren’t as Bleak as They Look
While Constitution DAO will not be taking the item home, it would be inaccurate to say that the experiment was a failure. The fact is that the group managed to raise quite a bit of money through simple social media advertising. Those in charge simply took to Twitter and other platforms to ask for donations from would-be crypto fans, and more than $30 million was raised. This suggests that the world of crypto is growing like it never has before, and more people are willing to use it and look upon it as though it were a valid payment tool.
While expressing disappointment that it failed to win the auction, Constitution DAO mentioned on Twitter that it had managed to break several crowdfunding records over the course of three days, something the group clearly felt proud of. Right now, the organization is in the process of giving all the donations back.