Markets
Britain has a $5 billion bitcoin stash. Reeves can unlock it.
Rachel Reeves is going to need money. The UK’s new Chancellor of the Exchequer has inherited, she says, one of the worst circumstances since the Second World War. To achieve her goal of “rebuilding Britain “And making every part of our country better” won’t be cheap. But there is one mountain of money readily available that won’t involve tax increases: Britain’s Bitcoin holdings.
As Donald Trump looks increasingly likely to beat Joe Biden in the US presidential election, investors have rushed to buy potentially Trumptastic assets. The list includes US small businesses that stand to benefit from a bit of protectionism, European defense companies in anticipation of increased national military budgets, US energy companies – and, so far at least, Bitcoin. Republicans seem more interested in cryptocurrencies than Biden (even though the sector has historically done very well under his watch). Their platform released earlier this month suggests that the crackdown on cryptocurrencies is “illegal and anti-American”Trump’s new running mate, JD Vance, is no doubt a fan; his latest financial disclosure shows he has around $100,000. It’s no wonder then that Bitcoin has risen more than 10% since Trump’s assassination attempt, meaning anyone who owns Bitcoin has enjoyed a boost in wealth.