UK Bitcoin Sale: 61,000 Coins ($7B) to Close £20B Deficit
UK Home Office dey prepare sell 61,000 Bitcoin wey dem seize, wey worth about $7 billion, to help close £20 billion budget gap wey come from higher borrowing cost and slow growth. Dis asset na from 2018 Chinese Ponzi scheme and dem dey manage am under new crypto custody framework.
BlueLight Commercial start tender for centralized service to secure and sell these frozen currencies, contract fit reach $53.7 million for four years. No bid meet requirements, show say custodial expertise get wahala. Legal and logistic issues like victim restitution, international claims, frozen wallets and pending appeals fit delay or reduce proceeds. Under UK law, government fit keep 20-30% of recovered assets for law enforcement and government funds.
Traders suppose watch execution risk and possible market pressure from dis big Bitcoin sale. Uncertain timing and how much to sell fit affect Bitcoin market dynamics, e remind person of past wahala about forced asset sales, like 1999 UK gold reserve sale.
Bearish
Di planned wey dem get to sell 61,000 Bitcoin—about 0.3% of all di supply—fit cause strong selling pressure we go make di price fall small short-term. Risks for executing am plus di unclear time fit make traders dey fear about future sales. For long term, if dem put structured custody plus liquidation plan, e fit reduce big wahala, but for di beginning, market reaction fit dey bearish as people try adjust to di increase for supply risk.