Bitcoin Policy Group Urges UK to Retain Bitcoin Holdings

The Bitcoin Policy Group has issued a warning to the United Kingdom, advising against the sale of its 61,000 bitcoins. The group argues that maintaining these holdings is crucial for the nation’s economic strategy and future financial stability.

U.K. Urged to Retain 61,000 Bitcoins by Bitcoin Policy Group

In their letter, the Bitcoin Policy Group highlights the significant value of the U.K.’s bitcoin reserve, estimated to be over $4 billion. They cite the past missteps of other nations, such as Germany’s sale of bitcoins and the U.K.’s sale of gold reserves under Gordon Brown, as cautionary tales. The group also emphasizes that preserving the U.K.’s bitcoin holdings can enhance national wealth and serve as a hedge against future economic uncertainties.

“[Retaining the bitcoin holdings] would enable the United Kingdom to continue to transact with its trading partners even in the event that all other channels of transaction were closed,” the Bitcoin Policy Group letter said.

Additionally, the letter calls for supportive policies to facilitate the growth of the bitcoin industry within the U.K. Recommendations include creating a favorable regulatory environment, ensuring access to banking services for bitcoin businesses, and conducting feasibility studies on bitcoin mining as part of the U.K.’s net zero goals. The Bitcoin Policy Group asserts that these measures will not only safeguard the value of the U.K.’s bitcoin assets but also position the country as a leader in the digital economy.

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