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British politician and Brexit Party leader Nigel Farage praises bitcoin as the latest anti-lockdown investment. The controversial politician’s comments are drawn from an edition of his daily Fortune & Freedom newsletter whose mission is to help “get your money and fate back into your hands.”
Everyone is interested
The newsletter is published by Southbank Investment Research whose mission is “to publish investment ideas that can change your life for the better”. Meanwhile, following the publication of the newsletter, Farage and Southbank’s Sam Volkering sat down for an interview. In this discussion, the politician doubles his newfound passion for bitcoin.
In his remarks, Farage, a libertarian who helped lead the Brexit campaign, says “from the poorest to the richest in the country, one of the ongoing conversations is about cryptocurrency.” Expanding why cryptocurrencies have become popular, the politician states:
It is (because) governments, through this pandemic, are creating huge amounts of fun money, devaluing currencies, and people are afraid of what this means for their money, their investments.
Self-education
According to Farage, it is this degradation of currencies by governments and the consequent inflation that drives people to explore alternatives such as bitcoin. However, the British politician admits that he is not a cryptocurrency expert and that he was “a bit lazy” in learning about bitcoin and cryptocurrencies. However, Farage says he educated himself after getting a book written by Volkering. He then shares some of his thoughts after reading the book:
There is a lot to learn but it is important. In fact, I think it might be critically important that you plan to encrypt and what that means. Fortunes have already been made and lost on this! I’m starting to understand that in terms of the future, this stuff is really important.
While Farage says nothing about owning bitcoin itself, his pivot on bitcoin is speculated to be due to the cryptocurrency’s recent performance, which is due to its enduring attributes. For example, bitcoin has a known fixed supply, unlike national fiat currencies which apparently have an infinite supply, as recently confirmed by Christine Lagarde, president of the European Central Bank. Additionally, bitcoin outperformed all other assets, including gold. This makes it the best asset to hold to preserve value.
What do you think of Nigel Farage’s comments on bitcoin? Share your views in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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