Times columnist Fraser Nelson has labelled Reform the “political wing of the crypto industry” as he explained why people should be more concerned about Nigel Farage’s crypto associations.
This week, Farage strengthened ties with the crypto world after making a £2m bitcoin purchase through crypto reserve business Stack BTC. This is the business chaired by former chancellor Kwasi Kwarteng, which Farage invested £215,000 in earlier this year.
The bitcoin purchase from Farage is just the latest instance of him and Reform ingratiating themselves further with the crypto sector.
Reform have already said they will accept party donations in the form of crypto, have pledged to liberalise the bitcoin market and have received millions in cash donations from crypto tycoons.
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During an appearance on Newsnight this week, Nelson explained why, although everything was ‘above board’ and legal, Reform’s crypto love-in is concerning for British politics.
He pointed out that Farage was buying bitcoin ‘for personal profit’ and explained how this wouldn’t be allowed if he was for example purchasing shares in a company from a sector he was then lobbying for in parliament.
Nelson said the party were ‘becoming the political wing of the crypto industry,’ and that no British party had ever ‘been so in hock’ with a certain industry.
He highlighted how Reform and Farage were following a ‘Trumpian model’ with crypto, drawing parallels with what the US president has done.