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UK Government Prepares to Offload $6.7B in Bitcoin — But Legal Hurdles Remain

As Bitcoin hovers around the $120,000 mark, profit-taking whispers are growing louder — and it’s not just private investors. The UK government is reportedly preparing to sell part of its massive Bitcoin holdings, currently valued at $6.7 billion.

According to The Telegraph, these holdings stem from a seizure of at least 61,000 BTC linked to a Chinese Ponzi scheme dating back to 2018. The UK authorities reportedly plan to use the proceeds to support the national economy.

While headlines suggest a potential selloff, these Bitcoins are still tied up in ongoing legal proceedings. Victims of the Ponzi scheme — as well as the Chinese government — are said to be actively claiming the funds, making an immediate liquidation legally complicated.

Even though this sounds like a dramatic scoop, similar reports have surfaced earlier this year from outlets like The Daily Mail and The Times, reinforcing the idea that the UK may eventually sell — but not just yet.

The Crown Prosecution Service (CPS) has reportedly made a special court request to retain these digital assets. Sources suggest the UK may prefer to hold the assets for now, rather than rushing into a sell-off.

In a possible scenario where compensation is awarded to victims, it’s believed they would be reimbursed in CNY (Chinese Yuan) equivalent to Bitcoin’s 2018 value, not current market prices — meaning a major difference in payout.

While it remains unclear whether the UK will sell its Bitcoin stash anytime soon, the mere potential of $6.7B BTC entering the market has already caught the attention of investors.

For now, Bitcoin’s price remains stable, but market watchers will be keeping a close eye on any legal outcomes that could unleash thousands of BTC into circulation.

#bitcoin #UKGovernment