UK Chancellor of the Exchequer John Healey took aim at Reform Party leader Nigel Farage’s pro-Bitcoin stance during a speech on Monday, drawing comparisons between Farage and former Prime Minister Liz Truss over his approach to economic policy and cryptocurrency.
Healey targets Farage’s Bitcoin advocacy
Addressing the growing popularity of the Reform Party, Healey described Farage as “Liz Truss with a Bitcoin account,” referencing Truss’s brief and controversial tenure as prime minister, which was marked by a poorly received mini-budget in 2022. Healey added that Farage presents himself as a populist but questioned his credibility regarding financial management.
Nigel Farage positions himself as a man of the people, yet Healey argued his approach labeled him “Liz Truss with a Bitcoin account.”
The Chancellor stated that the Labour Party, which he represents, would steer the UK towards economic stability by prioritizing fiscal discipline and support for strong domestic industries.
Farage’s history with digital assets and donations
Nigel Farage, a prominent figure in British politics and current leader of the Reform Party, has consistently promoted cryptocurrencies such as Bitcoin as tools for personal freedom and resistance to government oversight. Since 2020, Farage has cast Bitcoin as a counterweight to state monopoly on money, a stance that has resonated with a segment of the electorate seeking alternatives to traditional finance.
Farage previously said he was “debanked” by Coutts, a well-known British private bank, which sharpened his interest in digital assets and financial self-sovereignty.
During the Bitcoin 2025 Conference in Las Vegas last year, Farage stated his commitment to reducing crypto capital gains taxes and pledged to direct the Bank of England to hold a Bitcoin reserve if elected to office.
Farage has also attracted attention for accepting significant crypto donations from industry figures. Christopher Harborne, a technology entrepreneur and Tether investor, along with Ben Delo, a founder of the now-defunct BitMEX crypto exchange, have each sent millions in cryptocurrency to Farage’s campaign.
Mini dictionary: Reform Party — A British political party founded in 2018, known for its populist stance and advocacy for electoral reform and policies distinct from the mainstream Conservative and Labour parties.
Farage indicated at the Bitcoin 2025 Conference that he would lower crypto capital gains taxes and require the Bank of England to maintain Bitcoin reserves if he became Prime Minister.
| Political Figure | Crypto Policy | Notable Actions |
|---|---|---|
| Nigel Farage | Pro-Bitcoin, supports lower crypto taxes, advocates Bitcoin reserves | Received crypto donations, outspoken at crypto conferences |
| John Healey | Skeptical of crypto, promotes fiscal discipline | Criticized Farage’s crypto ties and proposals |
Pushback from the crypto community
Responses to Healey’s comments appeared rapidly online. Several Bitcoin proponents questioned his terminology, particularly the use of the phrase “Bitcoin account,” which was widely ridiculed for its inaccuracy.
The Simply Bitcoin account on X commented that the labeling showed a lack of understanding of basic industry concepts among officials overseeing Britain’s finances.
Meanwhile, the ongoing scrutiny around Farage’s crypto funding has intensified. The Metropolitan Police launched an investigation into whether the Reform Party violated regulations on overseas donations. Reform Party officials maintain that they have complied with all rules and express readiness to fully cooperate with authorities.
