The Bitcoin Coverage Group has issued a warning to the UK, advising in opposition to the sale of its 61,000 bitcoins. The group argues that sustaining these holdings is essential for the nation’s financial technique and future monetary stability.
U.Ok. Urged to Retain 61,000 Bitcoins by Bitcoin Coverage Group
Of their letter, the Bitcoin Coverage Group highlights the numerous worth of the U.Ok.’s bitcoin reserve, estimated to be over $4 billion. They cite the previous missteps of different nations, corresponding to Germany’s sale of bitcoins and the U.Ok.’s sale of gold reserves below Gordon Brown, as cautionary tales. The group additionally emphasizes that preserving the U.Ok.’s bitcoin holdings can improve nationwide wealth and function a hedge in opposition to future financial uncertainties.
“[Retaining the bitcoin holdings] would allow the UK to proceed to transact with its buying and selling companions even within the occasion that each one different channels of transaction have been closed,” the Bitcoin Coverage Group letter stated.
Moreover, the letter requires supportive insurance policies to facilitate the expansion of the bitcoin trade inside the U.Ok. Suggestions embrace creating a positive regulatory atmosphere, guaranteeing entry to banking providers for bitcoin companies, and conducting feasibility research on bitcoin mining as a part of the U.Ok.’s internet zero targets. The Bitcoin Coverage Group asserts that these measures won’t solely safeguard the worth of the U.Ok.’s bitcoin belongings but additionally place the nation as a pacesetter within the digital financial system.