The UK government has denied rumors of a $7.1 billion Bitcoin sale, affirming that no such plans are in place.
Clarification on Absence of Sale
The UK’s HM Treasury, which oversees financial assets including Bitcoin seized in criminal cases, confirmed there are no plans to sell $7.1 billion worth of Bitcoin. This announcement comes amidst public speculation about a potential transaction.
Market Stability
Following the government's clarification, Bitcoin prices have remained stable. Market participants are advised to rely on official communications and avoid unverified rumors when making trading decisions.
Government Comments
Chancellor of the Exchequer Jeremy Hunt stated, "The UK Treasury has confirmed that it has 'no plans' to follow the United States in establishing a strategic Bitcoin (BTC) reserve, citing the cryptocurrency’s volatility as a key reason for its unsuitability as a national asset." This underscores the broader caution surrounding crypto investments, especially in light of past seizures and auctions.
Thus, the current stance of HM Treasury helps avoid temporary market volatility that could result from a confirmed Bitcoin sale.
