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Crypto Score 25 Neutral

Former UK Chancellor Advocates for Bitcoin as Alternative to Traditional Financial Systems

Apr 04, 2026 17:00 UTC
BTC-USD, ^VIX, XLF
Short term

Kwasi Kwarteng, the UK’s former Chancellor of the Exchequer, is endorsing Bitcoin as a potential solution to the country’s economic challenges. In a recent interview with CoinDesk, Kwarteng reflected on his brief tenure and expressed support for digital assets.

  • Kwasi Kwarteng, former UK Chancellor, is endorsing Bitcoin as an alternative to traditional financial systems.
  • Kwarteng reflects on the challenges of his brief tenure, including the mini-budget's consequences.
  • He criticizes short-termism in politics and markets, advocating for long-term economic thinking.
  • Kwarteng is involved with Stack BTC, a UK bitcoin treasury firm holding 31 BTC.
  • Reform UK leader Nigel Farage has a 6% stake in Stack BTC.
  • Kwarteng challenges former PM Boris Johnson's view of Bitcoin as a 'Ponzi scheme.'

Kwasi Kwarteng, the UK’s former Chancellor of the Exchequer who served for a short period in September 2022, is now advocating for Bitcoin as an alternative to traditional financial systems. In an interview with CoinDesk, Kwarteng candidly discussed the challenges he faced during his tenure, including the rushed implementation of the mini-budget. He acknowledged the severe consequences of the policy, which led to a sharp rise in gilt yields and exposed the UK’s pension crisis. Despite the backlash, Kwarteng maintains that the intent behind the policy was to address the UK’s fiscal 'doom loop' of excessive spending and taxation. He criticized the short-term focus of both politics and markets, emphasizing the need for long-term economic thinking. Kwarteng’s current focus on Bitcoin reflects his belief in the potential of digital assets to offer a more resilient monetary future. As executive chairman of Stack BTC, a UK-based bitcoin treasury firm, he is actively involved in the cryptocurrency space. The company holds 31 BTC on its balance sheet and has attracted political attention, with Reform UK leader Nigel Farage holding a 6% stake. Kwarteng also challenged former Prime Minister Boris Johnson’s characterization of Bitcoin as a 'Ponzi scheme,' advocating for a more open-minded approach to emerging forms of money. His endorsement highlights the growing interest in digital assets among former policymakers and their potential role in reshaping financial systems.

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