After 14 years, Labour is in control of the UK government. Chancellor of the Exchequer Rachel Reeves may have discretion to use the country's Bitcoin holdings for the party's goals.
The transition from a government in the United Kingdom run by the Conservative Party to one under Labour has some asking what Prime Minister Keir Starmer may do with the country’s Bitcoin holdings.
According to data from crypto intelligence platform Arkham, the UK government held roughly 61,245 Bitcoin (BTC) as of July 19, worth more than $4 billion. The recently appointed UK Chancellor of the Exchequer, Rachel Reeves, likely has the discretion to allocate the funds, most of which had been seized as part of a money laundering case against hospitality worker Jian Wen.
Though there may be some bureaucratic hurdles to overcome, MP Reeves may have the option of liquidating the Bitcoin holdings as part of the Labour government’s plans to promote economic stability and growth. A policy statement read by King Charles III on July 17 suggested Labour would prioritize building affordable housing and improving the nation’s rail system.
