Nigel Farage Makes £2m Bitcoin Purchase, Becomes First UK Party Leader to Buy Crypto

Nigel Farage has become the first sitting UK MP and party leader to publicly purchase bitcoin, buying £2 million worth through Stack, a crypto company chaired by former Chancellor Kwasi Kwarteng.

The Reform UK leader appeared in a promotional video alongside Kwarteng to announce the purchase. Stack describes its core objective as building a substantial bitcoin treasury through continuous accumulation of the digital currency. The purchase brought Stack's total holdings to 68.1898 BTC, which the company called a "landmark moment."

Kwarteng served as Chancellor for just 38 days during Liz Truss's brief tenure as Prime Minister before being dismissed following market turmoil over their mini-budget. He became executive chair of Stack last October.

Labour has questioned why Farage is investing with Kwarteng, with party chair Anna Turley raising concerns about the partnership. The Liberal Democrats have called for an inquiry into the bitcoin deal, highlighting potential ethical issues around MPs promoting specific investment firms.

The move draws new attention to Farage's relationships within the crypto industry and represents crypto's growing influence in UK politics.