Bitcoin
Will the UK abandon Bitcoin after Germany’s move? Is another BTC crash coming?
Following Germany’s recent Bitcoin sell-off, the cryptocurrency market is speculating whether the UK could follow Germany’s lead as new Chancellor of the Exchequer Rachael Reeves is under pressure to fund her economic plans. Given that the UK government holds a substantial stash of BTC, if Reeves decides to sell, rumors suggest a potential market crash.
The UK currently holds over $4 billion in BTC
According to a report by Bloomberg, Reeves may sell the UK’s seized Bitcoin assets, valued at around £3.9 billion or $5 billion, to support his economic agenda. The British government acquired these Bitcoin holdings through legal action, including a major case against money launderer Jian Wen. The Crown Prosecution Service secured Wen’s assets, including BTC, which were valued at around £2 billion at the time.
With crypto absent from Prime Minister Keir Starmer’s manifesto, questions remain about how the new administration will treat BTC and cryptocurrencies following a landslide victory. The previous Conservative-led regime, led by former PM Rishi Sunak, sought to implement comprehensive crypto regulations and transform Britain into a global hub for Web3 innovation.
Will the UK follow Germany’s move?
According to data from crypto intelligence platform Arkham, the UK government held approximately 61,245 Bitcoins as of July 19, worth over $4 billion. With the current value at £3.9 billion, Reeves has a substantial resource at his disposal. However, selling the assets could result in a substantial drop in the price of BTC, similar to what occurred after the recent major Bitcoin sell-off in Germany. Notably, the German government sold almost 50,000 BTC, contributing to a 15% price drop.
Is there an alternative way out?
While selling bitcoin could provide quick funds for Reeves’ economic plans, the move could lead to market volatility, and BTC could fall further, impacting the broader cryptocurrency market. However, Reeves may consider balancing the immediate financial gain with the likely long-term market consequences. The report suggests that a more strategic approach could involve relaxing cryptocurrency regulations to offset the potential market impacts.
The alternative path is to hold BTC, wait for higher prices, and even acquire more as a reserve asset. Notably, MicroStrategy and its founder Michael Saylor have touted crypto as a superior hedge against inflation. Sovereign nations like El Salvador under President Nayib Bukele have also advocated BTC investments and made millions of dollars in unrealized profits.
Bytecoin’s Charlie Morris noted the UK’s current anti-crypto stance. Relaxing regulations could attract investment and showcase the new government’s support for technology and innovation. Such a move could mitigate the negative effects of a BTC sell-off.
Market awaits Reeves’ decision as Bitcoin recovers
Market analysts and crypto enthusiasts will be closely watching Reeves’ decision. With international criminals increasing their use of BTC, more crypto assets could come under government control.
Bitcoin has recovered from its recent dip and is trading above the $65,000 mark. In the past day, it has fallen to $63,246, reflecting the volatile market scenario. Its trading volume has also increased by over 14%, reaching $32 billion at the time of writing. It is currently trading at $66,340.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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