Crypto investors attempt to buy original copy of US Constitution

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A group of cryptocurrency investors have taken the notion of “We the People” from the US Constitution to the next level. They pooled money to try and buy a rare copy of the document – and they claimed to have raised $ 54 million to do so.

But despite the huge amount of money raised, the group failed to purchase the document.

Sotheby’s auction house on Thursday sold a first copy of the Constitution for $ 56 million. A group known as Constitution DAO said they wanted to buy it and had plans to partner with another entity to flaunt it.

A group of cryptocurrency investors have pooled money to try and buy a rare copy of the United States Constitution. (Getty)

But on Thursday night, the group tweeted a statement saying they didn’t win the auction.

“While not the outcome we were hoping for, we still made history tonight with ConstitutionDAO. It is the largest crowdfunding for a physical object that we are aware of – crypto or fiat. incredibly grateful to have done this with all of you and are still in shock that we made it this far. “

The group said those who have contributed to the funds “will be able to get a refund of your pro-rated amount (actually less gasoline charges) through Juicebox.”

In case you were wondering what DAO means, it stands for “decentralized autonomous organization”. DAOs are set up using blockchain, the backbone of bitcoin, and other cryptocurrency transactions.

Investors who contributed to the Constitution DAO pool have widely used Ethereum, the world’s second most valuable cryptocurrency, to pay for their share of the offering.

Supporters of the DAO Constitution touted the offer on Twitter, with a super enthusiastic and patriotic poster writing a nine-tweet thread that featured the entire preamble to the Constitution in all capital letters.

Ahead of the auction, Sotheby’s website quoted an estimated selling price of between $ 20 million and $ 27 million for the document, which is believed to be one of thirteen remaining copies of an original print of 500.

Cryptocurrencies like Bitcoin and Ethereum are becoming more and more common. (Getty)

Cryptocurrencies are becoming increasingly popular payment methods in the art world.

Sotheby’s, in particular, adopted Bitcoin and Ethereum, or ether for short, as a way for collectors to bid on artwork and other items.

Earlier this year, Sotheby’s said it would accept bitcoin or ether as payment for a work by famous street artist Banksy.

And last week, Sotheby’s announced last week that it plans to have its auctioneer disclose real-time auction amounts in ether increments for two more Banksy works listed for sale.

Tom Hanks’ iconic movie prop sells for over $ 420,000

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