Farage’s Bitcoin Advocacy Amid Economic Turmoil
As Liz Truss geared up to reverse her controversial mini-budget in October 2022, Nigel Farage was engaged in discussions about the prevailing economic instability on his GB News program. However, Farage was not in the studio but rather speaking live from a bitcoin conference in Amsterdam. He opened his remarks by noting the alarming inflation rates projected to potentially reach 20%, stating, “With increasing distrust in fiat currencies, individuals are exploring alternatives … Are you ready for bitcoin?”
Policy Plans for a Crypto-Friendly London
On Thursday, in his capacity as a Member of Parliament rather than a media figure, Farage addressed another bitcoin conference, this time held in Las Vegas. While the location had shifted, the event organizers remained unchanged. In Las Vegas, he elaborated on the Reform party’s cryptocurrency policies, detailing proposed legislation aimed at transforming London into a leading global hub for cryptocurrency. In a notable development, he announced that the Reform party had become the first political entity in the UK to accept donations in bitcoin and other cryptocurrencies from eligible donors.
The Transformation from Trader to Crypto Supporter
Farage’s transition from a trader focused on traditional commodities like metals to a proponent of cryptocurrencies seems to have begun during the COVID-19 pandemic. He remarked that cryptocurrency had become a hot topic of conversation, a sentiment he expressed in a video for Fortune and Freedom, a financial newsletter he initiated in October 2020, published by Southbank Research.
Embracing Cryptocurrency as a Financial Strategy
In April 2022, Farage appeared in a video titled “New Money, New Rules” produced by Southbank Research, where he discussed his personal investments in cryptocurrencies. He reflected, “Five years ago, cryptocurrencies were largely speculative. Today, integrating crypto into your financial plans seems logical, doesn’t it? I’ve done it myself. Recently, I invested a modest sum in cryptocurrency after opening an account. It was straightforward, and I have no regrets, and I’m not the only one.”
Linking Libertarianism and Crypto
He connected his libertarian Eurosceptic views to his support for cryptocurrencies, explaining that in 2020, he embarked on “a new mission beyond politics” to empower individuals in managing their finances through a different newsletter, UK Independent Wealth, for which he charged an annual subscription of £79. In Amsterdam, alongside hosting his GB News show, Farage participated in a panel discussion where he referred to crypto as an “economic insurgency led by those concerned about the expanding reach of government.” He characterized bitcoin as embodying “ultimate freedom and liberty.”
Debanking Experience Fuels Crypto Enthusiasm
Farage has mentioned his experience of being debanked by Coutts and NatWest in 2023 as a significant factor in his embrace of alternative currencies. Just weeks before last year’s general election, he remarked, “The notion that you can be debanked, combined with increased regulations allowing banks to dictate how you spend your money and whether you have access to it, resonates with the crypto community’s sense of individual sovereignty.”
Launching a Meme Coin and Engaging the Crypto Community
In June 2024, shortly after declaring his candidacy for the election, a meme coin named “$FARAGE” made its debut. Within a fortnight, a Cameo video featuring Farage emerged, where he expressed his support for the crypto community, which he felt was being overlooked in the general election. He stated, “Many of you are interested in meme coins; while some succeed, others may not. However, this is significant. Brexit signifies Brexit, but crypto symbolizes liberation from governmental oversight. Trust me, having been debanked, I see a bright future for crypto, and I will be discussing it further as the election approaches on July 4.”
Reflections on the Speculative Nature of Crypto
In another Cameo video, Farage noted, “I’ve heard about a Farage coin that is gaining traction within the Reform UK crypto community, something that Rishi [Sunak] and Keir [Starmer] seem hesitant to engage with. They fail to understand the fundamental belief in freedom that the crypto community embodies. I hope the Farage coin achieves great success. It’s speculative, and I’m not advising anyone to invest their life savings, but you never really know.” Since that time, the coin has seen a decline of over 90% in its value. There is no evidence suggesting a direct connection between Farage and the currency. However, posts from an X account claiming affiliation with the $FARAGE coin have pledged to be the first token to donate to a UK political party, promising contributions to Reform once certain value thresholds are met.
Inconsistent Messaging in Cameo Videos
Not all of Farage’s Cameo videos convey a clear message about cryptocurrencies. One particular video from June 2021 was filled with references to two rival meme coins, as Farage, reading from a script, exclaimed: “Gabe Gabe Gabe, ape for Gabe.” He concluded with a simple, “Good luck with it all.”
