A Bitcoin lobbying group, Bitcoin Policy, has urged the UK government to refrain from selling its substantial holding of over 61,000 bitcoins. The group cites pro-crypto sentiment from influential figures and nations, including Donald Trump, El Salvador, and the United Arab Emirates, as part of their rationale.
In a letter sent to the UK’s Chancellor of the Exchequer Rachel Reeves and City Minister Tulip Siddiq, Bitcoin Policy outlined three proposed pro-crypto policy changes. The group claims that approximately five million people in the UK own bitcoin or other cryptocurrencies.
They argue that the government, which controls 61,245 bitcoins, has a responsibility to avoid actions that could devalue these assets. Instead, they suggest that the government should, “take steps to preserve and enhance the value of the bitcoin that it holds on the nation’s behalf” and propose holding seized bitcoin as a Treasury reserve asset, rather than selling it as Germany has done.
Bitcoin Policy emphasizes the strategic importance of bitcoin, claiming it could enable the UK to maintain transactions with trading partners even if other channels were closed, though they did not specify the nature of such events. The letter also highlights the upcoming Bitcoin conference in July 2024, where Republican Presidential Candidate Donald Trump, Independent Presidential Candidate Robert F. Kennedy Jr., and former Presidential Candidate Vivek Ramaswamy are expected to speak.
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The lobbying group points to legislative efforts in the US to protect the right to self-custody and mine bitcoin, and notes that countries like Bhutan, the UAE, and El Salvador are beginning to mine bitcoin at a state level. They argue that the UK is lagging in this global conversation.
Bitcoin Policy also promotes bitcoin mining as a sustainable partner for renewable energy grids, suggesting that mining companies could purchase surplus energy generated by wind turbines. The group, led by Bitcoin journalist Susie Violet Ward, crypto research platform co-founder Freddie New, and AI research executive Bill Aronson, positions itself as a not-for-profit, non-partisan organization aiming to integrate bitcoin into the UK’s economy.
Information for this briefing was found via Bitcoin Policy and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
