Nigel Farage just dropped a bombshell at a crypto conference in Las Vegas. His party, Reform UK, is now the first British political party to accept Bitcoin donations. Pretty bold move, right? He even waved around a draft of a "Crypto Assets and Digital Finance Bill" that he says he’d push through if he becomes prime minister.
Farage is all in on crypto, calling it the future and promising a "crypto revolution" in the UK. Reform UK’s website was updated the same day to start accepting those Bitcoin donations. His bill sounds ambitious—slashing capital gains tax on crypto to 10% (down from 24%) and even setting up a "Bitcoin digital reserve" at the Bank of England. He told the crowd, who were cheering like crazy, that this is their plan for the next general election.
This comes right after Chancellor Rachel Reeves announced plans to regulate crypto like traditional finance to make the UK a "world leader" in the space, though some MPs are worried about how volatile crypto can be. Last year, a Treasury Select Committee even suggested treating crypto like gambling because of the risks, but the Treasury shut that idea down.
Farage also gave a shout-out to the US, saying their embrace of crypto is "nothing short of fantastic" and that he wants London to be a major trading hub for digital assets. Interestingly, he’s not the only one linking crypto to politics—Donald Trump’s been in the spotlight for hosting big crypto buyers at a gala, which has some Democrats and protesters crying foul over corruption. Trump’s brushed it off, saying he puts the country first. Oh, and get this: a political action committee raised $7.5 million in crypto for Trump’s 2024 campaign, according to CNBC.
What do you think about Reform UK jumping on the crypto train? It’s definitely a wild move for British politics!