In the latest UK crypto news, Elon Musk could have the easiest attack on Keir Starmer yet, amid rumors the Priem Minister is considering selling the world’s largest UK Bitcoin reserve, but a similar move from Germany saw $17Bn loss – will Keir Starmer dump UK Bitcoin holdings right before HyperBitcoinization?
An accounting firm in England believes that the UK government may consider dumping its multi-billion-dollar UK Bitcoin holdings to help plug holes in its finances.
Blockchain analytics firm, Arkham Intelligence, shows, via its ‘U.K. Government’ dashboard, that the British government holds around $6.429 billion in Bitcoin.
(ARKHAM)
With Financial Pressure Building In The UK, The Government May Follow Germany’s Lead And Dump Its BTC
Chris Etherington, Partner at RSM, argues that Bitcoin’s volatile nature could be making the Government uneasy and suggests an immediate sale as a safe option.
Amid mounting fiscal pressures, Rachel [From Accounts] Reeves, the Chancellor of the Exchequer, has reportedly been advised to consult experts on the best time to liquidate these assets to maximize taxpayer benefit.
He noted that Germany’s decision last year to sell off 50,000 BTC (at a terribly undervalued price) in a similar situation set a precedent for governments holding volatile digital assets.
Proceeds from seized digital assets, such as the UK’s Bitcoin holdings, are moved into the Consolidated Fund. The Treasury manages the fund, so the Bitcoin effectively becomes available for public use.
With Germany already spending its Bitcoin Reserve – to a$17Bn dollar loss after Bitcoin pumped following the dump – the UK now faces a similar opportunity to stabilize its spiraling finances by dumping the best competitive advantage the UK has in the world.
UK Government Bitcoin Holdings Mostly Made Up Of Seized Assets From Money Launderer Jian Wen
The UK Government is now on Arkham.
The UK Metropolitan Police seized 61,000 Bitcoin (currently worth $4B) from Jian Wen and Zhimin Qian in 2018, gaining access to the seized BTC in July 2021.
Qian had reportedly purchased the Bitcoin with funds from an investment fraud… pic.twitter.com/BVqRAkE1TW
— Arkham (@arkham) March 4, 2024
A sizeable portion of the UK BTC holdings is tied to a criminal investigation involving Jian Wen, 42, a convicted money launderer.
While prosecutors claim Wen used Bitcoin to acquire cash and property, her legal team disputes her involvement as the operation’s mastermind.
Before being apprehended, Wen tried to buy properties in London, including a £23.5m seven-bedroom Hampstead mansion with a swimming pool and a £12.5m home with a cinema and gym.
Pro-Crypto Elon Musk Will Mock UK Bitcoin Reserve Sell-Off After Germany’s $17Bn Loss
🚨BREAKING: Elon Musk says UK Prime Minister Keir Starmer "is guilty of terrible crimes against the British people."
Do you agree with him? pic.twitter.com/EoI7wPw5oD
— God Save Great Britain (@GSGB01) January 4, 2025
If the Prime Minister does indeed pull the trigger on the UK’s liquidation of its Bitcoin holdings, it could push Elon Musk into action with his threats to remove Starmer from power – in the latest twist after months of Starmer criticism from the CEO
According to those close to the billionaire, Elon Musk has privately and publicly discussed how Sir Keir Starmer could be removed as UK prime minister before the next general election.
Musk, the world’s richest man and key confidant of the US President, let his feelings known about the current UK government via a series of aggressive posts he has issued on his social media platform X – which have challenged the Labour Party leader on several issues from immigration to police handling of sexual offenses.
The Tesla and SpaceX founder has accused Starmer, a former director of public prosecutions in England and Wales, of being “complicit” in the rape of Britain due to Starmer’s role as Chief Public Prosecutor in the UK Grooming Gang scandal.
Given how influential Musk was in Donald Trump’s successful Presidential campaign and his bottomless pit of money, it isn’t out of the realm of possibility that he could play a part in the next UK General Election. With the UK Bitcoin Reserve at risk, Starmer could become an even easier target for Musk ridicule.
For now the UK crypto industry continues to watch with despair as UK retail customers are pushed out of the market by FCA over-reach, and pray that Keir Starmer doesn’t continue the generational cursing of Britain by political and financial incompetence. Stay tuned.
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