DeutschRumor has it that the UK is likely to sell Bitcoin worth $6.7 billion at current prices in order to fill a gap in the national budget. However, one expert gives the all-clear: the market will not be flooded with cheap coins. This project is not legally possible.
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Will the UK Now Sell Bitcoin Worth $6.7 Billion?
According to a new report in The Telegraph, the UK is planning to sell Bitcoin worth $6.7 billion. Chancellor of the Exchequer Rachel Reeves could try to make up for the British budget’s arrears, according to author James Titcomb.
“The Home Office is working with the police to dispose of a quantity of seized cryptocurrencies worth an estimated minimum of five billion pounds”, Titcomb said.
The author believes that Chancellor Reeves could try to save her public reputation in this way. The total value of five billion British pounds corresponds to 6.7 billion US dollars or 5.4 billion Swiss francs.
One indication of this is the recent developments in the British state apparatus. The authorities are working towards an administrative system that will enable the comfortable custody and easy sale of cryptocurrencies such as BTC in the future.
The Telegraph speaks of a shortfall of 20 billion pounds in the British balance sheets. Bitcoin, which is currently in the possession of the British authorities, could therefore make up a significant part of this.
The news is currently being met with open ears in the crypto scene, as Bitcoin only started a new bull market two weeks ago. Although BTC has already succeeded in setting new record values several times, experts say that the big bang is still waiting for us.
For example, Arthur Hayes predicts a Bitcoin all-time high of around $250,000 by the end of the year. The current market value of $118,000 per Bitcoin would therefore have to more than double by then.
Expert Warns: Bitcoin Sales by Great Britain not Apparent
An expert who is very familiar with the circumstances of the British market also commented on the alleged Bitcoin sales on X. The journalist Susie Violet Ward believes that the Telegraph’s report is pure sensationalism and is not based on real facts at all.
“No new information, no depth, just sensationalism instead of substance. The Telegraph has just published another sloppy Bitcoin article with clickbait character”, Ward explained.
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Ward clarifies: It’s about around 61,250 BTC, whose legal status is not yet clear. According to this, the coins are only in the custody of the British authorities, but have not yet been finally confiscated by them.
The money comes from a Chinese scam whose operators were picked up by British investigators in 2018. Since then, Chinese authorities and Chinese creditors have applied for the return of the funds.
“As long as the legal status is unclear, no sale can take place”, Ward explains.
The expert did not specify a time frame in her text in which she expects this legal process to end. However, she suspects that a lot of time will pass before a decision is made. After all, the coins have been in limbo for seven years.
“It will be some time before we repeat Gordon Brown’s disastrous decision to sell the United Kingdom’s gold at the bottom of the course.”
If it actually comes to a sale, then hopefully during the bull market, Ward fears. “Let’s just hope that the whole thing doesn’t end in a bear market. It would be typical if they made the sale during a market low.”
