The UK Treasury said there is “no plan” to introduce US-style Bitcoin reserves:
- UK Treasury deems the cryptocurrency’s volatility to be unsuitable for the UK
- “Bitcoin and other crypto assets have been historically volatile assets relative to stable fiat currencies like the US dollar and commodities, such as gold.”
- “This volatility makes BTC less suitable as a reserve asset for the UK.”
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Well, OK then. But … the greeting that the announcement of the US Bitcoin ‘Reserve’ got was that it was a steaming pile of garbage. It didn’t live up to what was promised. It’s a stockpile not a reserve.