Patriotic crypto enthusiasts have set their eyes on a rare print of the US Constitution dating back to 1787, in the hopes of showing the power of a leaderless decentralized autonomous organization, according to the BBC.
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
The group, ConstitutionDAO — a financial flash mob and crypto collective — is seeking "to put the Constitution in the hands of the people." In the first day of the crowdfunding effort, the group had managed to collect $4.5 million in Ether, and by Thursday morning had already exceeded $40 million.
The decentralized autonomous organization (DAO) is fixated on displaying the Constitution to the public, and if it is successful, it would be the biggest purchase in the history of DAOs.
Recommended for You
Part of the appeal is the document's rare status. Today, there are only 13 known original copies of the US Constitution, and only two copies not under the collection of an art or cultural institution. The print is up for auction at Sotheby's on November 18.
In anticipation of their bid, the ConstitutionDAO group took to Twitter to write exuberant posts about the impending sale. "TODAY IS THE DAWN OF A NEW DAY! The sun is shining, the birds are chirping, and we’re gonna buy the constitution in 11 hours," one Tweet read.
Although it is unclear who will own the Constitution if the crowdfunded bid wins, the group clarified donors would receive governance tokens instead of fractionalized ownership. Owning a governance token would enable a user to play a part in determining the display location of the rare print.
Sotheby's is projecting a large sum from the sale, with one estimate reaching as high as $20 million, although the ConstitutionDAO group has already claimed to raise over double that amount, according to its Twitter account.