Rachel Reeves could be on the brink of a Bitcoin windfall worth billions as she battles to fill her budget black hole.
The Home Office is working with police forces to sell off a hoard of seized cryptocurrency estimated to be worth at least £5bn in a move that could ease pressure on the beleaguered Chancellor.
Will it also go down as one of the biggest mistakes in recent economic history??
Didn’t work out very well for Germany.
Neither will be for UK. But the fools run the state, so what else we can expect from them?
I expect them to continue to think short term.
I expect them to announce a recession before 2030. UK is already in deep trouble and the news of deteriorating living standard is absolutely true. The inflation is the highest among G7, no new FDI incoming. UK has really reached on the verge where of they didn't have Seized Bitcoins, they could still sell anything.
If the public seizes a criminal's car, do they keep the car?
It's good they don't keep..
Agreed. The best thing for everyone is if they just dump it as soon as possible. No one needs sats in the hands of governments.
If the car were the greatest asset in the history of mankind instead of a depreciating illiquid piece of metal then it might be wise for them to do so, yea.
You don't want these sats?
https://old.reddit.com/r/Whatcouldgowrong/
If the government is too stupid to build a proper Bitcoin reserve, I'd rather those coins be returned to circulation for the rest of us to stack.
Good idea
I don't think this can happen to self-custodied bitcoins. It becames unconfiscateable.
Decisions could need to be made though. If someone is facing the choice between their freedom and coins.
Maybe you can sell them, but I don't think that would help plug the budget gap that is growing every day.