goozerin on Nostr: Will the new British government sell its 61,245 Bitcoin (BTC)? 💷💼🤔 ...
Will the new British government sell its 61,245 Bitcoin (BTC)? 💷💼🤔
The Labour Party is once again leading the government in the UK, raising the question of whether they will follow Germany's example regarding Bitcoin. The transition from a Conservative-led government to a Labour government under Prime Minister Keir Starmer has sparked speculation about what will happen to the country's Bitcoin holdings.
As of July 19, according to crypto data service Arkham, the British government held around 61,245 Bitcoin 🪙 valued at over $4 billion. The newly appointed British Finance Minister Rachel Reeves now has new discretion over the handling of these crypto funds, most of which were seized in a money laundering case against hotel employee Jian Wen.
Despite some bureaucratic hurdles, Reeves might take the opportunity to liquidate the Bitcoin holdings as part of Labour's plans to promote economic stability and growth. A political statement read by King Charles III on July 17 indicated that Labour would prioritize the construction of affordable housing and the improvement of the national railway system. 🏡🚆
With over 61,000 BTC, the United Kingdom holds one of the largest Bitcoin reserves among governments worldwide, second only to the United States. The German government recently liquidated 49,858 BTC in multiple transactions in June and July, raising around $2.8 billion. It remains unclear what Germany intends to do with the funds.
The current rapidly fluctuating developments in the crypto market could impact when Reeves considers a sale, if at all. Analysts predict that the lead-up to the US presidential elections might favor prices, but releases of previously frozen Bitcoin from the former crypto exchange Mt. Gox could also cause the Bitcoin price to fall.
#Bitcoin #Crypto #UK #LabourParty #Economy #KeirStarmer #Finance #BTC #Blockchain
The Labour Party is once again leading the government in the UK, raising the question of whether they will follow Germany's example regarding Bitcoin. The transition from a Conservative-led government to a Labour government under Prime Minister Keir Starmer has sparked speculation about what will happen to the country's Bitcoin holdings.
As of July 19, according to crypto data service Arkham, the British government held around 61,245 Bitcoin 🪙 valued at over $4 billion. The newly appointed British Finance Minister Rachel Reeves now has new discretion over the handling of these crypto funds, most of which were seized in a money laundering case against hotel employee Jian Wen.
Despite some bureaucratic hurdles, Reeves might take the opportunity to liquidate the Bitcoin holdings as part of Labour's plans to promote economic stability and growth. A political statement read by King Charles III on July 17 indicated that Labour would prioritize the construction of affordable housing and the improvement of the national railway system. 🏡🚆
With over 61,000 BTC, the United Kingdom holds one of the largest Bitcoin reserves among governments worldwide, second only to the United States. The German government recently liquidated 49,858 BTC in multiple transactions in June and July, raising around $2.8 billion. It remains unclear what Germany intends to do with the funds.
The current rapidly fluctuating developments in the crypto market could impact when Reeves considers a sale, if at all. Analysts predict that the lead-up to the US presidential elections might favor prices, but releases of previously frozen Bitcoin from the former crypto exchange Mt. Gox could also cause the Bitcoin price to fall.
#Bitcoin #Crypto #UK #LabourParty #Economy #KeirStarmer #Finance #BTC #Blockchain