đŁUK Proposes Recognizing Bitcoin as Personal Property
The UK government has introduced a bill to classify Bitcoin and other digital assets, including NFTs, as personal property in England and Wales. The bill, presented by Justice Minister Heidi Alexander, aims to reduce legal uncertainty and protect owners from disputes and fraud.
This move follows a 2023 Law Commission report recommending legal recognition of digital assets.
đŁFour Countries May Crash Bitcoin Price in September
According to experts from Kaiko, the governments of the US, China, the UK, and Ukraine might start selling their Bitcoin reserves in September, potentially pushing the price down to $53,000.
The Bitcoin holdings of these countries are estimated at:
Additionally, MtGox creditors could become another source of selling pressure. Analysts Adam Morgan McCarthy and Dessislava Aubert from Kaiko noted that fears of sell orders, combined with low market liquidity, could drive further volatility in Bitcoinâs price.
Bitcoin has already dropped by 8% since early August, despite a net inflow of funds into spot Bitcoin ETFs, while global stock and bond indices have risen by 2%.