UK Treasury said there is “no plan” to introduce US-style Bitcoin reserves

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.

• Bitcoin smashed lower after Trump reversal on Bitcoin reserve – its just a stockpile
• Bitcoin falls below $83,000 as US bitcoin reserve news disappoints

Seems reason enough for the UK to reject this “US-style” Bitcoin reserve.

BTC update, its taken a beating since January 20:

Info on the UK Treasury comes via various sources, ICYMI.

This article was written by Eamonn Sheridan at www.forexlive.com.