UK Snubs Bitcoin Reserve Trend—Treasury Doubles Down on Fiat Loyalty

While El Salvador mines and MicroStrategy hoards, Britain’s Treasury shrugs—no national Bitcoin stash coming. Chancellor keeps printing pounds like it’s 2008.

Key point: The Bank of England still treats crypto like a suspicious odor at a garden party. No plans to diversify reserves into digital assets, despite 14% of sovereign wealth funds now dabbling.

Cynical take: When the next financial crisis hits, they’ll probably just bail out banks... again. Gold vaults and quantitative easing remain the UK’s comfort blankets.

Bitcoin Policy UK calls for engagement

Freddie New, Head of Policy at Bitcoin Policy UK, criticized the government’s position in a statement shared with CryptoSlate.

He argued that the UK’s reluctance to recognize Bitcoin as a strategic asset overlooks the flagship crypto’s broader potential. New highlighted that the UK government currently holds over 61,000 BTC, valued at over £4 billion, mostly from enforcement actions.

According to him, that amount could fund the country’s winter fuel allowance for pensioners for two consecutive years.

He advised:

“Even if it is determined that an SBR is not appropriate for the UK, it’s of crucial importance that the Government learns how to store and protect such a valuable asset that it holds on our behalf.”