UK gov’t could sell $6.3B seized bitcoin to help economy, report
The UK government now holds $6.3 billion worth of bitcoin (BTC) that could reportedly be sold to help ease the country’s financial woes.
This week, The Daily Mail reported that the UK faces a £20 billion ($25 billion) hole in public finances and that the government’s BTC holdings, mostly seized from Jian Wen as part of a multi-billion-dollar Chinese money laundering scheme, could help plug this financial black hole.
Arkham shows that the UK’s crypto wallet holds roughly 61,245 BTC (worth $6.29 billion) as a result of criminal seizures and forfeitures. It’s unclear if the seizures from Wen make up the entire wallet, but it’s reported that over 61,000 BTC (now worth $6.27 billion) was seized in her case.
RSM accounting partner Chris Etherington told The Daily Mail that, “There is a strong case for selling the bitcoin right away. The currency is too volatile, too speculative.”
He added, “Rachel Reeves will be looking at it given the political pressure she is under as she waits for the Office For Budget Responsibility forecasts. Let’s face it, it is a get-out-of-jail-free card for her.”
One former Tory politician and a Tory lord also told The Daily Mail that the BTC should be sold.
Read more: News that never happened: Governments buying bitcoin reserves
Etherington referred to Germany, which sold 50,000 BTC worth $2.88 billion last July. BTC proceeded to rally and today that same BTC would be worth more than $5 billion.
The UK’s Crown Prosecution Service has reportedly sought permission from the courts to keep the seized BTC which could end up being sold and transferred to the UK’s finances.
The entire BTC holdings may not go directly to the UK government if sold, as victim compensation and recovery expenses could alter the final figure.
Bitcoin lobbying group Bitcoin Policy doesn’t like the idea of selling and claims the UK is “duty bound” to avoid upsetting British BTC holders by selling the government holdings and causing the price of the currency to fall.
Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.