You Would Be the Chancellor Who Sold Britain’s Bitcoin

“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”

– Tyler Winklevoss

July 21, 2025 — Me again.

I am the author of Bitcoin: The Future of Money? (2014), generally agreed to the first book on bitcoin from a recognised publisher.

I write with regard to the proposed sale of the UK’s bitcoin.

Since bitcoin was first introduced in 2009 – invented in reaction to the loose monetary policies of the Global Financial Crisis – bank bail outs, quantitative easing, zero interest policies etc – and the economic injustices they created, the protocol has grown from nothing to a market cap above $2 trillion. A whole new economy has emerged around the technology where none previously existed, providing countless opportunities for individuals, entrepreneurs and nations alike.

Initially the domain of a few coders, it is now finding mass adoption at the corporate and even national level. The US is recognizing the digital asset’s importance, as it introduces its Strategic Bitcoin Reserve, while China, according to estimates, holds 190,000 coins.

Initially, the UK was at the heart of the Bitcoin story. Satoshi Nakamoto, the pseudonymous inventor, wrote in British English, cited UK media, and many early meetups and conferences took place here. Chancellors George Osborne and Rishi Sunak both expressed their desire for the UK to become a global hub for this emerging technology. But the FCA took an opposing view and made it increasingly difficult for UK citizens to participate, so that we have now fallen behind.

Opinion about bitcoin is divided. Those who use the technology regularly believe it is not just likely, but inevitable, that it will become the world’s dominant monetary network. Many others – typically the older generation, economists or legacy finance – dismiss it as a bubble, often without having tested the tech in any meaningful way.

Whichever side of the debate you fall on, the fact that Bitcoin has become the most desired digital asset in the world is indisputable.

Among the many features that make bitcoin unique is that its supply is finite. With its estimated 61,000 confiscated bitcoins, the UK has been gifted an extraordinary opportunity. We now hold roughly 0.3% of total supply.

I understand that politics demands a focus on the short term – the next Budget, the next election – but I urge you to approach your decision with long-term vision. Please consult with people who regularly use the technology. Do not make this decision based solely on advice from people who never use bitcoin.

Take Bulgaria, for example. In 2017, it sold all of its seized bitcoin to cover a short-term budget gap. Those coins today would be worth enough to eliminate the country’s entire national debt.

From a strategic perspective, the UK’s bitcoin holdings represent a once-in-a-generation opportunity. As fiat currencies decline in purchasing power and the global economy moves toward digital and AI-driven systems, this asset could help Britain re-establish itself as an economic superpower with significant geopolitical leverage and monetary independence.

An opportunity of this kind is not to be thrown away lightly.

Once those coins are sold, we will never be able to buy them back.

If bitcoin becomes a hundred trillion dollar network – as some project – the UK’s share could prove transformational. That may sound fanciful today, but every surprise in bitcoin’s history has been to the upside.

There is also your personal political legacy to consider.

You would be the Chancellor who sold Britain’s bitcoin.

That will be how people remember you – just as Gordon Brown, for all else he did, is remembered primarily for needlessly selling Britain’s gold at the bottom of the market. For the rest of your life, every time Bitcoin rises in price, people will look at what you sold our coins for and say: “This is how much she lost us.” You are consigning yourself to that fate.

Do you want that to be your legacy?

So once again, I implore you: take advice from people who understand this technology and its potential. Don’t just listen to nocoiners.

If you sell bitcoin for fiat you are swapping a superior asset for an inferior one. It is that simple.

The trade might bring short-term benefit, but it does nothing to address the underlying structural issues facing this country. If, however, you hold on to the bitcoin – and understand how to integrate it into policy – perhaps create a UK Strategic Reserve – you may find it solves many of our problems.

As bitcoiners often say, “bitcoin fixes this.”

I hope you read and consider this letter with an open-mind.

Yours sincerely,

Dominic Frisby
Author of Bitcoin: The Future of Money?
Writer of The Flying Frisby newsletter

P.S. from Addison: We love bitcoin as a long-term means of saving in the digital age.

And we note that when Gordon Brown sold off the UK’s gold between 1999 and 2002, it marked a cyclical bottom, pushing the metal down to $250 per ounce.

Today, it trades closer to $3,500, a gain of over 10-fold – and a faster gain than the UK’s GDP.

Likewise, for those who expect bitcoin to hit $1 million per coin someday, today’s price is about 1/10th of that. Patient investors would be wise to own both gold and bitcoin for the long haul.

But in the shorter term? Crypto prices are heating up.

Our colleague Ian King has released his latest research on the best crypto opportunities to profit from the Trump administration’s pro-crypto stance – which Ian goes as far as to call a Digital Mandate.

His research is informative, educational, and stands to be profitable. Check it out here.

Your thoughts? Please send them here: addison@greyswanfraternity.com

“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”

– Tyler Winklevoss

July 21, 2025 — Me again.

I am the author of Bitcoin: The Future of Money? (2014), generally agreed to the first book on bitcoin from a recognised publisher.

I write with regard to the proposed sale of the UK’s bitcoin.

Whichever side of the debate you fall on, the fact that Bitcoin has become the most desired digital asset in the world is indisputable.

Take Bulgaria, for example. In 2017, it sold all of its seized bitcoin to cover a short-term budget gap. Those coins today would be worth enough to eliminate the country’s entire national debt.

An opportunity of this kind is not to be thrown away lightly.

Once those coins are sold, we will never be able to buy them back.

There is also your personal political legacy to consider.

You would be the Chancellor who sold Britain’s bitcoin.

Do you want that to be your legacy?

So once again, I implore you: take advice from people who understand this technology and its potential. Don’t just listen to nocoiners.

If you sell bitcoin for fiat you are swapping a superior asset for an inferior one. It is that simple.

As bitcoiners often say, “bitcoin fixes this.”

I hope you read and consider this letter with an open-mind.

Yours sincerely,

Dominic Frisby
Author of Bitcoin: The Future of Money?
Writer of The Flying Frisby newsletter

P.S. from Addison: We love bitcoin as a long-term means of saving in the digital age.

And we note that when Gordon Brown sold off the UK’s gold between 1999 and 2002, it marked a cyclical bottom, pushing the metal down to $250 per ounce.

Today, it trades closer to $3,500, a gain of over 10-fold – and a faster gain than the UK’s GDP.

Likewise, for those who expect bitcoin to hit $1 million per coin someday, today’s price is about 1/10th of that. Patient investors would be wise to own both gold and bitcoin for the long haul.

But in the shorter term? Crypto prices are heating up.

His research is informative, educational, and stands to be profitable. Check it out here.

Your thoughts? Please send them here: addison@greyswanfraternity.com

Relative strength, or RSI, provides investors with a quick glance as to how much the market likes or hates a given asset. The correction is a welcome event for hard asset investors.

With the metal back under $4,000, our thesis remains untouched.

In fact, the pullback – while sharp and severe – makes gold a less expensive insurance policy against geopolitical shocks and other Grey Swan events.

On the current trajectory, online and offline tribal warfare, with events that range from assassinations to riots to sabotage, is inevitable. Worse still, with both sides waging moral warfare (good versus evil), there is no middle ground, rendering compromise impossible.

To avoid this, the government could step in to crack down on illegal immigrants, serial criminality, and activist blue cells to slow the ramp in extrajudicial violence from the red tribe. This would reduce the chance we see a rapid escalation in tit for tat violence. However, to do this, it would need to designate many activist groups as terrorist entities and pursue them with the degree of vigor we saw with Islamic radicals after 9/11.

We’ve been watching private credit all year — the $3 trillion shadow banking machine that promises “nimble lending” but operates in the dark. Think of it as the modern heir to subprime mortgages: a system that works beautifully until it doesn’t.

According to Moody’s, U.S. commercial banks now hold $300 billion in loans to private credit firms, up from just $100 billion a decade ago. That’s more than 10% of total bank lending — and it means the “non-bank” lenders aren’t so non-bank after all.

When banks lend to private funds, which then lend to companies like First Brands, the risk just loops back into the same system regulators thought they’d insulated after 2008.

Hedge funds have gone all-in on semiconductor stocks.

Relative strength, or RSI, provides investors with a quick glance as to how much the market likes or hates a given asset. The correction is a welcome event for hard asset investors.

With the metal back under $4,000, our thesis remains untouched.

In fact, the pullback – while sharp and severe – makes gold a less expensive insurance policy against geopolitical shocks and other Grey Swan events.

When banks lend to private funds, which then lend to companies like First Brands, the risk just loops back into the same system regulators thought they’d insulated after 2008.

Hedge funds have gone all-in on semiconductor stocks.