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- 🎉 Gate Square’s "Spark Program" Surpasses 1,000 KOLs!
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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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3️⃣ Share your post on Twitter (X) — top 10 views will get extra rewards!
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U.K. Government Gears Up to Sell $7B Bitcoin: Report - Unchained
The UK government is preparing to sell up to $7 billion worth of seized bitcoin, primarily to help address a significant budget deficit, according to a Saturday report from The Telegraph
This stash is largely composed of 61,000 BTC confiscated in a 2018 raid linked to a Chinese Ponzi scheme. Bitcoin’s current price point means these coins have appreciated more than 20-fold since then, now valued at over $6 billion.
The sale is reportedly being coordinated by the U.K. Home Office and police, with close oversight from the Treasury and Chancellor Rachel Reeves.
This story is an excerpt from the Unchained Daily newsletter.
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Some industry watchers urged caution to avoid a poorly-timed sell-off that could negatively impact the market or short-change the Treasury.
“Gordon Brown’s ‘Brown’s Bottom’ saw the UK dump its gold at rock-bottom prices from ’99 to ’02. It’s the blunder which may repeat itself if UK’s sells its Bitcoin stash.,” said Blokland Smart Multi-Asset Fund founder Jeroen Blokland on X