Reform UK’s cryptocurrency plans are “crazy” and pose risks to the UK economy that would leave taxpayers with big bills, economists have warned.
The party’s policies will enrich bitcoin and crypto investors, which include leader Nigel Farage and party donors, but represent a “gamble” with public money that could lead to a fall in the pound and a rise in criminal activity, experts told The i Paper.
Farage has invested £215,000 in crypto firm Stack BTC, which purchased £2m in bitcoin last month.
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The Clacton MP is being investigated by Parliament’s standards watchdog for failing to declare a £5m donation from crypto investor Christopher Harborne, who is also Reform’s biggest donor. Farage argues the payment was a gift not connected to his political activity, was given to him before he became an MP, and is needed to pay for private security.
