Why Donald Trump’s bitcoin reserve wouldn’t work in the UK

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The UK government currently owns over 60,000 Bitcoin worth more than £3 billion
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But what should we do with it? Debates over where the government should be holding crypto reserves have sprung up this week
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after former President Donald Trump backed one during a speech at a Bitcoin convention over the weekend
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A bill was also introduced to Congress this week that will require the US government
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to acquire about 5% of the world's bitcoin supply valued at around 55 billion pounds
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But would this idea work in the UK? The UK is currently one of the largest holders of Bitcoin in the world after seizing
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billions worth of the digital currency from criminals over the years, mainly as part of a money laundering
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case against hospitality worker John Wen. Some have advocated selling it to pay for the big
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pledges coming from the new government, while others have advocated for holding it or even buying more
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The issue is being compared to Gordon Brown's decision to sell the UK's gold in 1999
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which ends up staining the Prime Minister's reputation after gold prices skyrocketed. However, it doesn't
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actually look like there's any good reason for the government to be holding Bitcoin. While the Bank of England
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does hold many foreign currency reserves. It does this to trade with those countries using
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their money. A reserve is meant to be used for payments, not as an investment. Of course, it
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does hold gold too, but gold is tradable everywhere in the world. Instead, wouldn't we
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be better using that money to invest in things that actually matter for the economy, like
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hospitals, roads and houses? This isn't unprecedented. The German government liquidated its almost 50,000 Bitcoins throughout June and July this year, netting it around 2.2
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billion pounds. So, what do you think? Should we hold a Bitcoin reserve or should we sell it and
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use the investment for something else? Let us know in the comments and don't forget to subscribe

Why Donald Trump’s bitcoin reserve wouldn’t work in the UK

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Why Donald Trump’s bitcoin reserve wouldn’t work in the UK

cityam.com