Nigel Farage has promoted a £2 million bitcoin purchase by Stack BTC, a company in which he holds £215,000 in shares. The Reform UK leader appeared in a promotional video filmed at Blockchain.com's London offices, alongside former Tory chancellor Kwasi Kwarteng, who chairs Stack BTC.
Stack BTC describes itself as a 'bitcoin treasury company', aiming to accumulate the digital currency. Investors like Farage gain when bitcoin's price rises, as the share price typically follows. Critics have raised concerns about potential conflicts of interest, given Farage's political influence and his party's pro-crypto policies.
The Liberal Democrats have asked the Financial Conduct Authority to investigate whether Farage's promotion amounts to market abuse. Deputy leader Daisy Cooper highlighted Reform's calls for crypto deregulation and a £9 million donation from a cryptocurrency investor.
Former Spectator editor Fraser Nelson described the arrangement as 'a scandal hiding in plain sight', suggesting Farage could profit from political power if Reform enters government. Kwarteng defended the investment, stating Farage bought shares on the same terms as other shareholders and would recuse himself from crypto decisions if in government.
