Former UK Chancellor Kwasi Kwarteng Backs Bitcoin, Joins Stack BTC

Kwasi Kwarteng served as UK chancellor of the exchequer from Sept. 6 to Oct. 14, 2022, when his “mini-budget” triggered market turmoil. He now backs Bitcoin, whose supply is capped at 21 million, arguing that it could serve as an alternative asset as government debt expands and fiat currency systems fail.

Kwarteng recently joined UK Bitcoin treasury management company Stack BTC, where he will help businesses add Bitcoin to their balance sheets. Reform UK leader Nigel Farage has also invested in the company. Reports did not disclose the size of Farage’s investment or Kwarteng’s ownership stake, but their involvement signals Bitcoin’s further expansion into UK political and business circles.