UK's Keir Starmer Risks Big Loss Similar to Germany Over Bitcoin Sales
Amid financial strife, UK Prime Minister Keir Starmer may consider selling the nation's substantial Bitcoin holdings, echoing Germany's costly mistake.
UK’s Keir Starmer Risks Big Loss Similar to Germany Over Bitcoin Sales
In the latest UK crypto news, Elon Musk could have the easiest attack on Keir Starmer yet, amid rumors the Prime Minister is considering selling the world’s largest UK Bitcoin reserve. A similar move from Germany resulted in a $17 billion loss – will Keir Starmer dump UK Bitcoin holdings right before HyperBitcoinization?
An accounting firm in England believes that the UK government may consider dumping its multi-billion-dollar UK Bitcoin holdings to help plug holes in its finances.
UK Bitcoin Holdings
Blockchain analytics firm, Arkham Intelligence, shows, via its ‘U.K. Government’ dashboard, that the British government holds around $6.429 billion in Bitcoin.
With Financial Pressure Building In The UK, The Government May Follow Germany’s Lead And Dump Its BTC
Chris Etherington, Partner at RSM, argues that Bitcoin’s volatile nature could be making the Government uneasy and suggests an immediate sale as a safe option. 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.
Germany’s decision last year to sell off 50,000 BTC (at a terribly undervalued price) set a precedent for governments holding volatile digital assets.
With Germany’s previous experience leading to a $17Bn loss after Bitcoin surged following the sale, the UK now faces a similar opportunity to stabilize its finances by liquidating its valuable digital assets.
UK Government Bitcoin Holdings Mostly Made Up Of Seized Assets From Money Launderer Jian Wen
The UK Government is now on Arkham.
The UK Metropolitan Police seized 61,000 Bitcoin (currently worth $4B) from Jian Wen and Zhimin Qian in 2018.
A sizeable portion of the UK BTC holdings is linked to a criminal investigation involving Jian Wen, 42, a convicted money launderer.
Pro-Crypto Elon Musk Will Mock UK Bitcoin Reserve Sell-Off After Germany’s $17Bn Loss
🚨BREAKING: Elon Musk says UK Prime Minister Keir Starmer “is guilty of terrible crimes against the British people.”
Do you agree with him?
If the Prime Minister decides to liquidate the UK’s Bitcoin holdings, it could provoke a public response from Elon Musk, who has been critical of the current UK government.
In summary, the UK crypto industry anxiously awaits to see whether Keir Starmer will mirror Germany’s misstep in what could be a consequential decision for the nation’s finances.
