By
Godfrey Benjamin
May 10th, 2024
UK government’s Bitcoin holdings value crossed $4 billion as BTC price rallied past $68,000 looking forward to make new all-time highs.
In the latest development, Arkham Intelligence unveiled a significant development regarding the seizure of Bitcoin by the UK Metropolitan Police. In 2018, the UK Police Department confiscated a total of 61,000 Bitcoins, presently valued at $4 billion, from individuals Jian Wen and Zhimin Qian.
The authorities gained access to the seized Bitcoin in July 2021, shedding light on the intricate details of the case. It was revealed that Qian had purportedly acquired the Bitcoin using funds obtained from an investment fraud scheme conducted in China spanning from 2014 to 2017. Furthermore, Qian is reported to be an alleged fugitive wanted by the Beijing authorities.
The revelation underscores the global efforts to combat financial crimes and emphasizes the role of cryptocurrency in facilitating investigations into illicit activities. Earlier this year in January, the Southwark Crown Court in London stated that Qian illicitly acquired approximately 5 billion pounds from over 128,000 investors, which she subsequently converted into bitcoin. She has since evaded authorities and is currently a fugitive.
Furthermore, in 2018, she attempted to purchase a property in London for 12.5 million pounds. However, the law firm responsible for the transaction was unable to verify the source of the Bitcoin used for the purchase.
What Will UK Police Do with the Seized Bitcoins?
This is not the first instance where the state police have seized Bitcoins. In the past, the US government seized from the Silk Road darknet marketplace. Earlier in January, the US government filed a notice to auction off approximately $130 million worth of Bitcoins confiscated from Silk Road. The sale is expected to occur in two batches: one consisting of 2,874 BTC valued at $129 million, and the other comprising 58 BTC valued at $3.3 million.
However, in an interesting take, Edward Snowden, the whistleblower, anticipates that in 2024, a national government will procure Bitcoin (BTC). This bold claim underscores a potential shift in the acceptance of digital currencies by sovereign nations, indicating an increasing acknowledgment of Bitcoin’s significance at the governmental level.
Edward Snowden’s forecast arises amid heightened interest in Bitcoin across multiple sectors, including institutional investors, retail traders, and even nation-states, as evidenced by several prominent companies investing in the cryptocurrency.
Prediction: A national government will be revealed this year to have been buying Bitcoin—the modern replacement for monetary gold—without having disclosed that fact publicly.
— Edward Snowden (@Snowden) February 28, 2024
While Snowden didn’t specify which national government he expects to acquire Bitcoin, the prospect of another country following El Salvador’s example would represent another milestone in Bitcoin’s path toward widespread recognition. Recent reports suggest that Qatar is in talks with El Salvador and could soon be ending Bitcoin to its reserves.