UK Chancellor Mulls Selling $7.2B Bitcoin Stash to Plug Gap in National Finances
Main Idea
CryptoUK urges the UK government to reconsider selling its Bitcoin holdings, arguing it contradicts efforts to foster growth in the crypto and fintech sectors, while the government considers the sale to address public finance deficits.
Key Points
1. The UK Home Office is reportedly planning to sell $7.2 billion (£5.33 billion) in Bitcoin to support public finances, as reported by The Daily Telegraph.
2. CryptoUK warns that selling Bitcoin contradicts Chancellor Rachel Reeves' recent initiatives to promote the UK's crypto and fintech industry.
3. The UK government's Bitcoin holdings stem from a 2021 seizure of 61,000 BTC linked to a Ponzi scheme defrauding mostly Chinese investors.
4. CryptoUK suggests the UK follow other countries' examples in holding Bitcoin as a reserve asset rather than selling it.
5. The UK government faces a $29.7 billion (£22 billion) public finance deficit, and the Bitcoin sale could partially address this gap.
Description
Trade association CryptoUK urged the government to take a “long-term view” on holding Bitcoin seized from criminals.
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