#BTC🔥🔥🔥🔥🔥 #BTCNewHigh #BNB_Market_Update The British government plans to sell part of the Bitcoin seized in 2018.
The British Chancellor of the Exchequer, Rachel Reeves, states that the country plans to sell part of the Bitcoin in its reserves. The funds, worth approximately £5 billion (US$ 6.7 billion), would be used to address the country's serious fiscal problems.
This action could significantly relieve the government's coffers in the face of a combination of high borrowing costs, persistent inflation, and weak economic growth. However, it could also have a significant impact on the cryptocurrency market, injecting a massive amount of liquidity.
According to a recent report from The Telegraph, the minister emphasized that this is a matter under evaluation and that progress is being made. These sales are managed through coordination between the Home Office and law enforcement agencies. The aim is to develop a secure official system for the storage and settlement of digital assets, facilitating the management and sale of these bitcoins.
This episode is a tacit admission of authority over Bitcoin's ability to solve serious fiscal problems. However, it could also be considered a premature sale, with potential negative impact on the market. In simple terms, the sale of the Bitcoins held by British authorities may be premature for both parties.