It was then led by Gordon Brown, the UK’s Treasury Department from 1999 to 2002. It turns out that about half of the famous country’s gold reserves are at the bottom of a generation, at around $275 per ounce of yellow metal.
Over the next 20 years, gold prices have risen about 12 times to the current $3,350 per ounce, with the UK missing out on a significant amount of winding.
Is Sceptered Isle trying to repeat that mistake?
Faced with the need to come up with £20 billion ($27 billion) this year to reduce the government’s budget gap, Rachel Reeves (the country’s current prime minister) is looking at more than £5 billion in discovered Bitcoin sales
according to a weekend article in The Telegraph.
It is unclear how much Bitcoin the government controls, but a Telegraph report said that one 2018 attack recovered 61,000 Bitcoins from the revenues of China’s Ponzi scheme. At its current price of around £90,000, it is worth over £5 billion.
There are many differences between brown gold sales and current possible Bitcoin sales. Most importantly, the cycle stage. Bitcoin may rise, fall, or remain flat from here, but over 75%, over 1,000% year-on-year over the past five years, prices are outside the bottom of the generation in the way gold was at the turn of the century.