The UK government is getting ready to sell a huge amount of Bitcoin that was taken from criminals. This could bring in billions of dollars and help the country with its financial challenges, according to a recent report by The Telegraph.
Billions in Bitcoin Seized
This sale is headed by the UK Home Office. Approximately 61,245 BTC is held by the government, with a large proportion of it received in 2018 as part of a major case. An example that has occurred was a Chinese investment fraud, and the police recovered 61,000 BTC due to a single raid.
The data would qualify as more than 5.39 billion pounds or approximately 7.23 billion U.S. dollars nowadays, according to the information provided by Arkham Intelligence, a blockchain survey company.
Government Preparing Sale Framework
The UK authority is developing a framework known as a crypto storage and realisation framework in a move to sell Bitcoin safely and reasonably. The system will enable the government to keep these crypto assets in a safe place and sell them accordingly when the moment arrives.
The Home Office has also issued a notice which showed that the sales contract that the department is entering into to handle the assets may attract 40 million in fees to the company managing it.
Where Will the Money Go?
Upon their attempt to repay some of the money to the victims of the scam, the remaining money will be divided between the UK government and the law enforcement agencies. Most of the money will simply be deposited in the budget of the government in a case where the victims are not capable of repayment.
The step would come in handy to Chancellor Rachel Reeves, who is currently striving to correct the financial state of affairs in the country. The sale of confiscated Bitcoin is considered to be a clever move to raise money to raise without escalating taxes.
Not a Simple Sale
But it is not that easy to sell such a huge portion of Bitcoin. Whether and when to sell it depends on the decision of different crime agencies. In addition, court cases and victim demands, particularly in a massive 2018 case, may drag things on.
One professor of Cardiff University explained to The Telegraph that such types of legal issues can slow down the sale process. The possible profits are, however, being watched closely by His Majesty’s Treasury.
Robert Kiyosaki Shares His Bitcoin Strategy
In other Bitcoin news, Robert Kiyosaki, the famous author of Rich Dad Poor Dad, recently shared when he plans to buy and stop buying Bitcoin.
When Bitcoin passed $117,000, Kiyosaki said he would buy one more coin. He posted on social media that it’s never been easier to become rich and encouraged others to learn more about Bitcoin.
Soon after, Bitcoin hit $120,000, and Kiyosaki announced that he would stop buying for now. He explained that although Bitcoin could go to $200,000 or even $1 million, he doesn’t want to be greedy. “Pigs get fat, hogs get slaughtered,” he said, warning investors not to overdo it.
Kiyosaki added that he’ll wait for a market drop before buying again. He still believes Bitcoin will hit $1 million, but he recommends that new investors start small—maybe even just with a satoshi, the smallest unit of Bitcoin.He also mentioned that Warren Buffett is holding billions in cash, possibly waiting for the right moment to invest. Kiyosaki’s message was clear: be smart, be patient, and don’t let fear or greed control your choices.
