Crypto investors try to buy rare copy of US Constitution
First auction of US Constitution for 33 years
A group of cryptocurrency investors have banded together to buy a rare copy of the US Constitution.
One of only 13 surviving copies of the founding document of the United States is being auctioned on Thursday by Sotheby’s and is expected to go for between $15m to $20m (£14.8m).
It is also only one of two copies still in private hands and not owned by a public body.
Whereas the constitution took almost three years to be drafted, the collective, called ConsitutionDAO, took shape in less than 48 hours.
The group claims to have raised more than $40m, driven by social media buzz. The project was further helped by Coinbase, one of the world’s largest cryptocurrency exchanges, which promoted the endeavour to its almost four million Twitter followers.
Regardless of whether ConsititionDAO will ultimately find happiness at the end of its pursuit, the attempt can be said to have raised public awareness of Decentralised Autonomous Organisations (DAOs).
A DAO is an organisation that can operate as a quasi-venture capital fund within the decentralised world of cryptocurrencies, attracting investment while using open-source code and without the management structures of traditional finance such as a board of directors.
DAO evangelists have argued the concept can make both funding and investment more accessible to the global population, adding that their autonomous nature could eliminate the possibility of human error or manipulation.
Recent notable DAO cases include PleasrDAO’s purchase of a rare Wu-Tang Clan album for $4m.
DAOs have not been strangers to scandal, however. In October 13,556 ETH was drained from AnubisDAO, a newly-launched dog-themed cryptocurrency project, in what is claimed by some to have been a rug-pull.
The auction will take place at 18:30 (EST) in New York.