UK Treasury Rules Out Bitcoin Reserve

The UK government’s Treasury department has no plans to launch a strategic bitcoin (BTC) reserve due to the cryptocurrency’s volatility. A spokesperson stated that BTC is unsuitable for the UK as a reserve asset compared to stable fiat currencies like the US dollar and commodities such as gold.

UK Isn’t Following America’s Bitcoin Plan

Recently, Donald Trump’s administration set up a strategic BTC reserve along with other cryptocurrencies, sourced from civil and criminal forfeitures. Trump mentioned he’s uncertain about the strategy of holding BTC. The UK possesses approximately 61,245 BTC worth over $5 billion, primarily from a significant criminal seizure last year. Some experts suggest selling BTC to boost the UK economy, while lobbyists advocate for holding onto it to support its value.