Former UK Chancellor Kwasi Kwarteng has endorsed Bitcoin as a potential alternative to traditional financial systems, citing concerns over fiscal instability and long-term economic sustainability.
Kwarteng said the UK risks entering a fiscal “doom loop,” where rising government spending outpaces tax revenues, ultimately weakening economic incentives and growth.
“The mini budget was literally two weeks after we took office, it was just very, very rushed business,”
Said former UK Chancellor Kwasi Kwarteng, reflecting on the 2022 policy fallout.
The controversial mini-budget triggered a sharp rise in gilt yields and exposed vulnerabilities in the UK’s liability-driven investment pension system.
Kwarteng also criticised short-term thinking in politics and markets, arguing that a longer-term perspective is needed when assessing emerging assets like Bitcoin.
He said UK institutions remain aware of digital assets but have been slow to adopt them compared with more forward-leaning regions such as Paris.
Kwarteng is now executive chairman of Stack BTC, a Bitcoin treasury firm holding 31 BTC, which has attracted political interest including a 6% stake from Reform UK leader Nigel Farage.
At the time of reporting, Bitcoin price was $68,850.48.