Reform UK leader Nigel Farage has promised to lead what he called a “crypto revolution” in Britain, pledging to create a national Bitcoin reserve under the Bank of England and turn London into a global hub for digital finance.
Speaking at the Bitcoin Conference in Las Vegas, Farage declared that Reform UK has become the first British political party to officially accept donations in Bitcoin and other cryptocurrencies. He told attendees that the move marked a step toward “bringing our country properly into the 21st century” and appealed directly to younger voters to back his vision of a more tech-driven economy.
“As of now, provided you are an eligible UK donor, you can donate to us in Bitcoin,” Farage said. “We are being innovative once again. Let’s recognise that crypto, Bitcoin, and digital assets are here to stay.”
Reform UK’s Digital Finance Vision
Farage revealed that Reform UK has drafted a “Crypto Assets and Digital Finance Bill,” which the party plans to introduce if it wins the next general election. The proposed framework aims to position Britain as a leader in cryptocurrency regulation, trading, and blockchain innovation.
The Reform leader said London could become “one of the major trading centres of the world” for digital assets, arguing that a proactive regulatory environment would attract global investors and fintech startups.
Contradiction with Farage’s ‘Cash Is King’ Campaign
Farage’s crypto advocacy appears to contrast with his long-standing support for the “cash is king” movement. He previously championed the campaign to ensure that British retailers accept cash, claiming that an entirely digital economy would marginalise older citizens. In 2023, he accused banks of “relentlessly driving Britain towards a cashless society.”
Government Plans to Regulate Crypto Industry
His comments came just weeks after Chancellor Rachel Reeves announced new plans to regulate cryptoassets, signalling her intention to make the UK a “world leader in digital finance.” Reeves said crypto firms would soon be brought under the same regulatory standards as traditional financial institutions.
According to the Financial Conduct Authority (FCA), around 12% of UK adults currently own or have owned cryptoassets, up from 4% in 2021—a sharp rise that underscores the growing mainstream interest in digital currencies.
Backlash Over “Fantasy Economics” Claims
Farage’s speech coincided with a fresh wave of criticism from both Labour and the Conservatives, who have accused him of proposing “fantasy economics.”
Conservative leader Kemi Badenoch wrote in the Mail that both Farage and Prime Minister Keir Starmer were in a “race to the bottom” over welfare spending. She accused them of backing “unlimited child support for others” by pledging to scrap the two-child benefit cap.
Badenoch said the Tories remained the “only serious party of sound money,” arguing that “Britain can’t afford the fantasy economics of Starmer and Farage, who treat economics like a branch of showbiz.”
Economic Plans Under Fire
Farage’s recent spending proposals include scrapping the two-child benefit cap and restoring the winter fuel allowance—plans the Institute for Fiscal Studies warned could leave an £85 billion hole in Reform UK’s budget.
Labour leader Keir Starmer also criticised Farage’s financial platform, calling it “Liz Truss all over again” and warning that it would drive up mortgage rates and inflation.
Farage dismissed the criticism from Las Vegas, accusing his rivals of “Project Fear 2.0” and vowing to continue his campaign to “rebuild Britain’s economic freedom.”
