UK Treasury: "No Plans" For US-Style Strategic Bitcoin Reserve
In another statement against Bitcoin integration on an economic level, the UK Treasury Department says it has no plans to implement a strategic Bitcoin reserve like the US. According to the department’s office, the cryptocurrency’s volatility make it unsuitable for the United Kingdom, a spokesperson said this week. “Bitcoin and other crypto assets have been historically volatile assets relative to stable fiat currencies like the US dollar and commodities, such as gold,” the spokesperson said. The representative added, “This volatility makes BTC less suitable as a reserve asset for the UK.” Yes to US Bitcoin Reserve, No to UK Bitcoin Reserve At last week’s US crypto summit , Donald Trump’s administration established a strategic BTC reserve alongside a “stockpile” for other cryptocurrencies. The US President serving a second term non-consecutive has announced several updates and executive orders favoring the crypto industry. Thus, the industry has more eyes on it than ev...