The UK Post Office is now offering clients the possibility to buy Bitcoin (BTC) after a partnership they have signed with Swarm Markets. With this new initiative, individuals that want to buy Bitcoin would be able to do so thanks to Swarm Markets’ website. This is just one of the many ways in which people are able to purchase digital assets.
UK Post Office Sells Bitcoin
According to a recent report by The Telegraph, the UK Post Office is not expected to receive commissions on the vouchers sold. However, it would receive a payment for the ID verification software that is in place for these BTC purchases.
Despite the decision to offer Bitcoin to clients, experts in the country consider that this could be very risky for investors. Warren Shute, a chartered financial planner said about this situation:
“When people buy cryptocurrencies, they should be sold with a very clear wealth warning: that you could get back a lot less than you purchased. It’s one thing buying crypto online via an investment platform as that’s what the audience expects, but you don’t associate this with the UK post office.”
The Telegraph reports that this was not the only negative comment regarding the UK Post Office’s decision to sell Bitcoin. Dame Angela Eagle, an MP sitting on the Treasury select committee, explained that the UK Post Office is currently running a huge risk of completely damaging a trusted brand.
Instead, Swam Markets considers that this could make it easier and safer for users to buy not only Bitcoin but also Ethereum (ETH).
Over the last few years, Bitcoin has been expanding all over the world. This is not the first time that a Post Office is offering Bitcoin vouchers to clients that would like to get access to the largest virtual currency in the world.
Back in 2019, the Post Office in Liechtenstein started selling BTC at the counter. Liechtensteinsche Post AG was one of the first Post Offices in the world that started selling BTC. This allowed people in the country to get access to BTC without having to rely on online exchanges.
Bitcoin has been growing throughout 2020 and 2021. The largest digital asset hit an all-time high of $64,000 back in May 2021. However, then it started a correction that pushed its price towards $30,000 a few months later. Now, Bitcoin is being traded at close to $45,400 and it has a market valuation of $854 billion.