It’s not the first time a bitcoin exchange has offered to buy a UK bitcoin for its customers.
Last year, a group of investors, including investors from the UK’s major investment banks, also announced a deal to buy an Australian bitcoin for £10 million.
However, that deal is currently on hold while it works out the kinks.
“The reason why we’re going to go ahead and sell the coins is that we think it will be a very dramatic move,” bitcoin investor and CEO of digital currency exchange BTC China, Yuen Kwok-kee, told CoinDesk.
“This is a very exciting opportunity.”
Bitcoin trading volume at Coinmarketcap.com is currently at an all-time high of $13.9 billion, according to CoinMarketcap.
At this point, there are just over 14,000 bitcoin exchanges worldwide, with most of the activity happening in China.
The Chinese government is now looking to expand its bitcoin trading and regulation authority, the country’s top cryptocurrency regulator said in October, with the goal of expanding bitcoin’s reach beyond the country.
China has been a haven for bitcoin and other cryptocurrencies, especially because the country is a huge player in the Chinese market.
However the government is also looking to make bitcoin more mainstream, with plans to regulate the digital currency in 2018.
That includes a proposal to regulate cryptocurrency exchanges, but Kwok said that the country still hasn’t made any decisions yet.
“There is no official announcement on any specific regulation, it’s not yet happening,” he said.
“We are very excited to be working with regulators, but until we get any final decisions from them, we’re not ready to talk about anything yet.”
He added that the Chinese government has made it clear that they would like to see the bitcoin market in the country regulated, but that they are working to do so.
“But the reality is that China’s financial system is very complicated,” Kwok added.
“Even if the government decides to regulate bitcoin and regulate financial institutions, it still requires a lot of government intervention.”
For now, bitcoin prices have remained fairly flat in the past few weeks, with some exchanges raising their prices by up to 20%, according to the CoinDesk Bitcoin Price Index.
However at the time of writing, BTC China’s market cap stands at just under $5.8 billion, while Mt.
Gox, a Japanese bitcoin exchange, has a market cap of $5 billion.