Written question asked by Lord Elliott of Mickle Fell (Conservative) on Monday, 9 December 2024, in the House of Lords. It was due for an answer on Monday, 23 December 2024. It was answered by Lord Livermore (Labour) on Thursday, 19 December 2024 on behalf of the Treasury.
Bitcoin
- Question
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To ask His Majesty's Government what consideration they have given to establishing a strategic Bitcoin reserve for the UK and whether they will commission advice on this matter.
- Answer
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The UK’s foreign currency assets are held in the Exchange Equalisation Account. These assets are managed in line with the following investment principles:
- Ensuring readiness to meet the policy requirements of the reserves
- Limiting risk and volatility to avoid compromising the policy readiness of the reserves
- Maximising returns within these constraints
Bitcoin has been a historically highly volatile asset relative to stable fiat currencies like the US dollar, and commodities, such as gold. This volatility makes Bitcoin unsuitable as a reserve asset for the UK.
Given this, the Government has no plans to adopt a strategic Bitcoin reserve.
Secondary information
- Type
- Written question
- Reference
- HL3296
- Session
- 2024-26
- Related items
- Subjects
- Government Bitcoin
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2025-09-05 18:23:21 +0100
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/lords/2024-25/HL3296
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- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/lords/2024-25/HL3296
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