Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
UK May Sell $6.27 Billion in Bitcoin to Address Fiscal Deficit

UK May Sell $6.27 Billion in Bitcoin to Address Fiscal Deficit

CryptodnesCryptodnes2025/01/29 18:22
By:Cryptodnes

The UK government may consider selling its multi-billion-dollar Bitcoin holdings to address gaps in its finances, according to accounting firm RSM.

Recent data suggest that the government possesses approximately $6.27 billion in Bitcoin , much of which was seized during a criminal investigation involving convicted money launderer Jian Wen. While prosecutors claim Wen used Bitcoin to acquire cash and property, her legal team disputes her involvement as the mastermind of the operation.

Amid mounting fiscal pressures, Rachel Reeves, the Chancellor of the Exchequer, has reportedly been advised to consult experts on the best time to liquidate these assets to maximize taxpayer benefit.

Chris Etherington of RSM argues that the volatile nature of Bitcoin makes an immediate sale a prudent option, particularly given the political and economic pressure Reeves faces. He pointed to Germany’s decision last year to sell off 50,000 BTC in a similar scenario as a precedent.

READ MORE:
Crypto Expert Predicts Total Market Cap to Surge to $10 Trillion

Legal expert Quentin Hunt explained that proceeds from forfeited cryptocurrencies, like the UK’s Bitcoin holdings, are directed into the Consolidated Fund, managed by the Treasury, effectively funneling the money back into public use. With Germany already capitalizing on its Bitcoin reserves to support fiscal needs, the UK now faces a similar opportunity to stabilize its finances.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!