Thomas Cattee, a white-collar crime lawyer at Gherson Solicitors, reflected on this and commented on what options the Chancellor could have: “It is said by some that Bitcoin and wider cryptocurrencies decentralised and cross-national characteristics could potentially cause a headache for regulators. However, note the Financial Conduct Authorities recent ban on the sale of crypto-derivative products to retail customers.

“However, with an upcoming budget, and a large financial hole to fill, will the Chancellor also consider the effect regulation will have on this potential stream of tax revenue?

“Proponents of Bitcoin would argue that due to its finite supply it is no coincidence that the price has skyrocketed during a time of unprecedented money printing/quantitative easing.

“However, as the Chancellor prepares the budget next week and attempts to fill the financial hole caused by the pandemic, will he look to novel ways to recoup some of these gains made by those invested in this asset class.

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