UK working to sell $7B in seized Bitcoin to boost budget: Report

27 comments

1. “The Home Office is working with police forces to develop a centralized “crypto storage and realization framework” to securely hold and manage the sale of these digital assets.”

   Oh yeah, let’s see them spend £200 million internally, then another £400 million on consultants on how to sell these and by the time they, in 15 years time, the price has crashed and it’s worth £100 million. 

2. It seems, on the surface, to be a good idea but I know nothing about Crypto so I’m struggling to form an opinion.
   Could someone help decide?

3. Selling this much bitcoin would be quite difficult without crashing the price.

4. [removed]

5. The digital version of Gordon Brown selling our gold in 1999

6. Countries are now stacking Bitcoin, purposely, building to get it and building reserves for the long term.

   Meanwhile ours is flogging off $7B just to plug a budget hole like it’s a car boot sale, to make a small dent.

   Short term thinking as per fucking usual from our goverment. No vision, no strategy, surprise surprise. Christ.

7. If the $7B in BTC is there, I am not sure why they wouldn’t just sit on it, use it as the base for a developing fund. Most countries are trying to get into the larger crypto market, investing in the future whatever that may look like. This seems to be a golden opportunity for us to get ahead of the curb for once…

8. Sigh.

   Keep it and become crypto friendly.

   ‘crypto hub’ and ‘tech friendly’ my arse.

   Rewards later. Leverage against it years down the line.

9. Well I hope they pay the capital gains tax on it to themselves

10. He dumped 40% into euro assets, there were other motivations than using it for its intended purpose. It was also done as a trend where gold is a wasting asset.

11. Just spend it on drugs like the rest of us, they’ll be a lot easier to sell.

12. Gordon Brown sold gold 25 years ago. How did that go?

13. Spend it all on a slightly faster train to Birmingham from London!!

14. 7b is about 1/10th of a giving away chagos island cost, going to need to find a lot more than that to make this some kind of miracle budget save

15. Arguably not as stupid as announcing a gold sale prior to an auction, surely should have been selling the announced at the end.

16. I think government making same mistake again as early 2000’s when they sold gold at peanuts price. Not sure why can’t they have efficiency savings? Government budget is 45% of UK GDP that is crazy.

17. Anything to avoid an asset tax.

    Next week: Starmer opens Onlyfans for Angela Raynor and Andy Burnam to fund free school meals

18. Silly, silly short termism. Use it as the beginnings of a sovereign wealth fund.

19. I’m mean seriously – did we not learn when we sold the gold reserves for dollars and then gold went up … – just hold it for a few years !!

20. Everyone agrees that the UK should have a sovereign wealth fund, just like Norway. But thats never going to happen because the UK has short term thinking, like selling off hard assets (gold & bitcoin) to acquire worthless fiat.

21. It came from a Ponzi scheme.

    I have very little sympathy for people who are scammed by Ponzi schemes, but surely if the money is recovered it should be distributed back to the victims? The records will be on the blockchain.

22. Who they gonna give the money to? because it sure as fuck ain’t being used for anything good

23. Plot twist: they found it in a rubbish dump / landfill on a memory stick.

24. That doesn’t even pay for the increase to the pension for a single year.

25. Governments only work in 5 year time frame after that they don’t care. that why were in the shit were in

26. A very big mistake.

    This will be this governments version of Brown selling off all the gold.

27. Not their money to begin with. It’s a useful asset, but if they need to raise funds then sell it off.

    What about all the Russian assets we own? Why we’re not selling them off too?

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