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Do you know that story where a British politician realizes that the traditional monetary system is broken? Well, that's exactly what's happening with Kwasi Kwarteng, former Chancellor of the UK.
The guy spent barely a few weeks in office in September 2022 before everything collapsed. His mini-budget, rushed out two weeks after taking office, caused a real disaster – gilt yields skyrocketed and exposed the entire LDI pension crisis. Looking back, he honestly admits: it was way too fast, poorly coordinated, not well thought out.
But here’s what’s interesting. Instead of getting stuck in traditional politics, Kwarteng started thinking more broadly about money and economic systems. He now criticizes the short-termism that dominates everywhere – markets, politics, everyone thinking about the next quarter instead of long-term perspectives. And according to him, the UK is trapped in a vicious cycle where it spends more than it can collect in taxes, which ends up stifling the economy.
It’s in this context that he discovered Bitcoin. When he was Chancellor, he admits that the Treasury and the Bank of England barely knew about digital assets – it was marginal, not taken seriously. He even noted that Paris was much more advanced on the topic than the UK. Now, he sees Bitcoin as a real alternative to failing systems.
And it’s not just theory. Kwarteng has become CEO of Stack BTC, a British Bitcoin treasury company holding 31 BTC. The firm is even attracting political attention – Nigel Farage, leader of Reform UK, has taken a 6% stake. It’s symbolic: UK political figures are starting to take Bitcoin seriously.
Bitcoin itself is hovering around 81.11K right now. That’s the kind of movement you see when macroeconomic outlooks start to shift. People like Kwarteng, who saw from the inside how traditional systems are disintegrating, are now looking for alternatives. And they’re finding them in crypto.
What strikes me is that this isn’t an idealistic cry from the heart – it’s a former UK Chancellor looking at the numbers, seeing the problem, and concluding that traditional money needs a serious alternative. When people like this start to move, it changes the conversation.