The United Kingdom is preparing to sell nearly $7 billion worth of Bitcoin (BTC) seized by police, aiming to address a £20 billion budget deficit.
The British government is gearing up for one of the largest Bitcoin sales in the country's history, planning to liquidate approximately 61,000 BTC seized during police operations. Initially confiscated from a China-based Ponzi scheme in 2018, the Bitcoin stash has dramatically appreciated to about $7 billion. The UK's Home Office has announced plans to establish a specialized infrastructure to securely store and facilitate the sale of these digital assets.
The move has sparked renewed political debate over cryptocurrencies. Some political leaders advocate establishing a strategic national Bitcoin reserve rather than selling the assets, but Treasury officials remain cautious, citing Bitcoin's volatility. Experts warn that timing the sale improperly could expose the government to political criticism, recalling previous instances when the UK mishandled strategic asset sales.
