Kwasi Kwarteng takes stock of the current turmoil in the British market, the tax “hellish cycle”, as well as his move to bitcoin with Stack BTC.
4 avr. 2026, 5:00 p.m.
Translated by IA
Kwasi Kwarteng, the former Chancellor of the Exchequer of the United Kingdom who only served a few weeks in September 2022, re-emerges with a new focus on bitcoin, monetary history and long-term economic thinking.
Reflecting on the infamous mini-budget during an interview with CoinDesk, he was frank about the mistakes made. “The mini-budget happened literally two weeks after we took office, it was really a very, very rushed affair,” he said, referring to the period immediately after taking office on September 6, followed by the death of Queen Elizabeth II two days later. The compressed schedule left little room for coordination or scrutiny. The consequences were severe, sending gilt yields sharply higher and helping to expose the UK’s pensions crisis linked to liability-driven investing.
Kwarteng still defends the intention behind the policy, warning that the UK is now trapped in a fiscal “wormhole” where “you spend more money than you can raise through taxation”, and that raising taxes ends up “killing the incentives in the economy”.
He also criticized the short-termism that dominates both politics and markets. “Everything is focused on the quarterly, people are either euphoric or panicked. And in reality, we need to take a longer-term view. HAS”
This longer-term perspective now influences his thinking about bitcoin and money more generally. While in office, he said: “The Treasury, the Bank of England are certainly aware of bitcoin and digital assets, but it’s still incredibly marginal,” highlighting what he perceives as the UK’s reluctance to embrace innovation.
He also highlighted a cultural divide with Europe, noting that Paris is becoming “quite ahead in digital assets.”
Kwarteng also rejected criticism from Boris Johnson, after the former prime minister called Bitcoin a “Ponzi”, instead arguing for a more open view of emerging forms of money.
A new bitcoin cash business
Now involved with UK treasury company Bitcoin Stack BTC (STAK) as executive chairman, Kwarteng is putting these ideas into practice, with the company holding 31 BTC on its balance sheet.
The company has attracted increasing political attention, with Reform UK leader Nigel Farage taking a 6% stake in the company.
For Kwarteng, the shift reflects a shift from reactive policy towards what he sees as a more resilient monetary future, based on long-term thinking.
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