Urgent: The British government is considering selling $7.1 billion worth of seized Bitcoin $BTC ! ๐ฐ๐จ
The British government is considering selling $7.1 billion worth of seized Bitcoin to cover a large budget deficit. ๐ฌ๐ง๐ธ
This step is being discussed within the Home Office and the Chancellor, Rachel Reeves, and selling such a large amount of Bitcoin could have significant implications for the global cryptocurrency market, potentially affecting Bitcoin prices and investor sentiment. ๐๐
The influx of large amounts of Bitcoin into the market could increase volatility and currency flows, similar to previous large government sell-offs. ๐๐
The UK government's consideration of this sale is a financial measure aimed at addressing a budget deficit of ยฃ20 billion. ๐ผ๐
A large portion of the Bitcoin has been seized, and it may soon be offered on the market, raising concerns about potential volatility. โ ๏ธ๐
Finance Minister Rachel Reeves emphasized the financial importance of this step, noting that selling seized assets, such as Bitcoin, is crucial for addressing the budget deficit. โจ๐ฐ
Historically, large sell-offs by governments have caused temporary market volatility, impacting short-term price pressures while reinforcing Bitcoin's long-term resilience. ๐๐
Source: Ainvest ๐ฐ