Nigel Farage mocked the government’s „fake money“, declaring that cryptos are an important tool for periods of economic uncertainty.
The British Conservative Party’s nemesis, Nigel Farage, has „completely embraced the crypto.
Last Friday, Farage granted a video interview to discuss various crypto topics with Sam Volkering, editor of Southbank Investment Research, through which Farage recently launched the investor newsletter „Fortune & Freedom.
Other newsletters published by Southbank Investment Research include titles such as „Short the World,“ „Crypto Profits Extreme,“ and „Exponential Investor Premium. Volkering calls itself an „authority on the new digital asset industry,“ having bought Bitcoin Method for the first time in 2011 and „followed the ‚wild west‘ of cryptocurrency.
During the interview Farage mocked the „fake money“ of the government, which continues to print during the pandemic at the speed of light. In his opinion, it is therefore „crucial“ to understand the crypto.
On another occasion, he described Bitcoin as „the ultimate anti-lockdown investment,“ in line with his newly launched Reform UK party.
The video interview involving Farage and Volkering seems to be just the first in a series, which will educate viewers on how to buy, store and protect crypto currencies.
Apparently, journalists from the Financial Times had long predicted the politician’s transition to crypto. „It was only a matter of time,“ explained Jemima Kelly of Alphaville.
The evidence for this „inevitable“ transition to crypto is hard to dispute. Farage’s Fortune & Freedom newsletter presents itself to an audience that aspires to „increase its wealth“ in a „New Britain, freed by Brexit. Farage, a former commodity trader, explains to his readers that, after securing political freedom through Brexit, it is time to take back his money and his destiny.
He is also the author of a book entitled Crypto Revolution: Bitcoin, Cryptocurrency and the Future of Money, also published by Southbank Investment Research. Kelly sarcastically recommends the book as a perfect gift for FT readers who found themselves paired with an obnoxious colleague for this year’s corporate Secret Santa.
Leaving aside FT’s obvious contempt for Farage and his crypto-loving colleague, some influences on Fortune & Freedom seem to be more eclectic than the allegedly liberalist fundamentalism of the Brexiteer.
The close ties between the libertarian movement and the Vote Leave campaign are widely documented. One source from Whitehall commented that „Not even Margaret Thatcher or monetarism at its height contemplated such shock therapy“ as the Brexiteers, with their drive towards a unilateral opening of the UK for the US market and radical economic liberalization of the country.
However, Nick Hubble, Farage’s partner in the newsletter, published an article on Thursday stating that „both Keynes and Friedman have died of COVID.19 and supporting the ‚radical future‘ promised by proponents of Modern Monetary Theory (MMT)“.
The MMT argues that states create demand for their fiat currencies by taxing the population. Consequently, money is seen as a unit of account for credit and debt, which can be created and destroyed at will by sovereign states. Stephanie Kelton, an MMT publicist, writes that states can „afford to buy whatever is for sale in their unit of account.
This is a totally contrasting point of view with the belief of many Bitcoiners that an expansive monetary policy represents an inflationary devaluation of value.
It is not clear how Hubble will reconcile its apparent support of the MMT with the previous position that cryptocurrencies „represent the first reversal of government theft in hundreds of years.
With the UK on the brink of the worst shock in 300 years due to the combined impact of coronavirus and Brexit, it is perhaps the spirit of the monetarists, if not their exact words, that triumphs according to Milton Friedman’s famous maxim: „Only a crisis, real or perceived, produces real change. When such a crisis occurs, the actions taken depend on the ideas circulating at that moment“.
Whether it is MMT, the crypto revolution or Farage-Hubble eclecticism, something will present itself as ready and at hand to the narrow group of beneficiaries of the dual crisis in the UK in 2020. After all, this is the ideal time for the transition of the preferred alternative from „politically impossible“ to „politically inevitable.