UK working to sell $7B in seized Bitcoin to boost budget: Report
A new report suggests the UK Treasury is working to sell up to $7 billion worth of seized Bitcoin, but one person has slammed the report as “sensationalism” amid a crypto bull run.
The UK is reportedly eyeing the sale of over 5 billion British pounds ($6.7 billion) worth of seized Bitcoin to help fill a deficit in the country’s budget.
The Home Office and the head of the country’s Treasury, Rachel Reeves, are working with law enforcement to sell off its stockpile of seized Bitcoin (BTC) and plans to make a system to store the crypto to handle the sell-off, The Telegraph reported on Saturday.
Such a sale could potentially dent a recently renewed Bitcoin and crypto rally.
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