UK Chancellor Rachel Reeves Considers £5 Billion Sale of Seized Bitcoin From 2018 Ponzi Scheme to Address Budget Shortfall

The British government, led by Chancellor of the Exchequer Rachel Reeves, is considering selling approximately £5 billion (around $7 billion) worth of seized Bitcoin to help address a budget shortfall in public finances. The Bitcoin holdings, reportedly including about 61,000 BTC, were seized from a 2018 Chinese Ponzi scheme. The UK Home Office is coordinating with police to establish a framework for liquidating this cryptocurrency reserve. This potential sale is part of broader efforts to plug a fiscal gap and has drawn comparisons to past government asset sales, such as the controversial gold sales under former Chancellor Gordon Brown. The move also raises questions about whether other governments, including the United States, might follow suit in using seized cryptocurrencies to cover budget deficits, noting that the U.S. Marshals have sold over 195,000 BTC in the past decade.

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