On May 30, the Reform UK party released a policy paper calling for the establishment of a strategic reserve of Bitcoin, proposing that the Bank of England diversify its investments by including Bitcoin alongside gold and fiat currencies.
This is the most important proposal put forward by a prominent political party in the United Kingdom regarding cryptocurrencies. Farage argues that Bitcoin is a long-term hedge and a geopolitical asset, not just a speculative tool. If adopted, it would place the United Kingdom among a new class of Bitcoin-holding nation-states.
The price of Bitcoin saw a slight movement immediately afterward, stabilizing at around $69,000. However, this news sparked heated discussions on social media about sovereign Bitcoin adoption, as many cryptocurrency analysts praised the move while others questioned its viability.
The bill has not yet been presented to Parliament, and the impact of the Reform party will depend on the upcoming general elections. However, the proposal itself increases pressure on other political leaders in the UK to take cryptocurrencies seriously.
