Big Ben in the UK (Heidi Fin/Unsplash/Modified by CoinDesk)
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Kwasi Kwarteng served as UK chancellor for just weeks in September 2022, capping a 14-year political career that included senior Cabinet roles.
Kwateng said the mini-budget was “very, very rushed,” and its rollout sent gilt yields sharply higher while exposing the UK’s LDI pension crisis.
Kwateng is now involved with Stack BTC, a UK bitcoin treasury firm, where Reform UK leader Nigel Farage has taken a 6% stake.
Kwarteng still defends the intent behind the policy, warning the UK is now stuck in a fiscal “doom loop” where “you’re spending more money than you can raise in taxation,” and rising taxes ultimately “kill incentives in the economy.”
He also criticised the short-termism dominating both politics and markets. “Everything’s quarterly driven, people are either euphoric or freaking out. And actually, you’ve got to take a longer view.”
That longer view now shapes his thinking on bitcoin and money more broadly. While in office, he said, “the Treasury, the Bank of England are certainly aware of bitcoin and digital assets, but its still incredibly small,” highlighting what he sees as the UK’s reluctance to embrace innovation.
He also pointed to a cultural gap with Europe, noting Paris is becoming “quite forward leaning on digital assets.” Kwateng also pushed back on criticism from Boris Johnson, after the former prime minister claimed Bitcoin was a “Ponzi,” arguing instead for a more open-minded view of emerging forms of money.
A new bitcoin treasury venture
Now involved with UK bitcoin treasury firm Stack BTC (STAK) as executive chairman, Kwarteng is putting those ideas into practice, with the company holding 31 BTC on its balance sheet.
For Kwarteng, the shift reflects a move away from reactive policymaking toward what he sees as a more resilient monetary future grounded in long-term thinking.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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