UK Chancellor Mulls Selling $7.2B Bitcoin Stash to Plug Gap in National Finances
Summary
CryptoUK has urged the British Government to adopt a long-term strategy for holding Bitcoin, opposing plans to sell over $7.2 billion in confiscated BTC. Reports indicate that Chancellor Rachel Reeves is considering this sale to address a $29.7 billion public finance gap. CryptoUK warns that selling these assets contradicts efforts to promote growth in the UK’s crypto sector and could negatively impact the industry’s perception. Other countries are establishing Bitcoin reserves, and the UK is exploring a system for managing cryptocurrency sales. The UK’s BTC holdings primarily stem from a 2021 seizure linked to a Ponzi scheme, raising legal questions about the potential sale and the victims' claims for restitution.
