(Kitco News) - Nigel Farage, the former U.K. Independence Party (UKIP) leader, spoke recently at the Bitcoin Amsterdam conference to throw his support behind cryptocurrencies, and Bitcoin in particular, referring to the top crypto as “the ultimate freedom.”
Farage has long been considered a Euro-skeptic and has shown no qualms about voicing “anti-establishment” opinions in the past on such topics as condemning the wars in Iraq and Afghanistan, questioning climate change data, and opposing bank bailouts.
The ex-European Parliament (MEP) member compared his experience as a political outcast to what is currently transpiring in the Bitcoin movement, saying that he “led a political insurgency” against the establishment for which he was slammed as being “mad, bad, and dangerous.”
“What I think is happening with Bitcoin is I think we’re seeing a similar type of insurgency. This is an economic insurgency, and it’s being driven and led by people who are worried about the sheer size, scale of big government,” Farage elaborated.
The former MEP member revealed that he first discovered Bitcoin 10 years ago while working in the financial markets industry – before he started his political journey. “I always got a very close ear to the ground in terms of financial development. So, I heard about it very, very early,” he said.
At the time, Farage indicated he had reservations about the new monetary concept, but over the years, he warmed up to the technology as inflation continued to worsen.
“The disease of money, inflation is now back in the system, which I remember from being a younger person, this history of inflation is once it sets in, it’s there for longer than anyone could imagine,” Farage explained. “So, the appeal of Bitcoin was rather like the gold standard appeal. There is a set number. It can’t be inflated away,” he added.
As for the future of Bitcoin adoption in Europe, Farage suggested that the timetable for integration will likely be influenced by how the U.S. approaches regulating crypto.
“What happens in America first happens here, too. There’s going to be a very, very big change here over the next two or three years, and it [Bitcoin] will become a trusted means of exchange.”
|
| Over 40% of the top public companies are utilizing blockchain technology |
When comparing Bitcoin to making banking transactions, Farage highlighted that the latter is inefficient, costly and very slow, and believes that Bitcoin is a more attractive option versus the existing infrastructure.
The former party leader noted that any radical new idea, be it political, scientific, or monetary, is subject to ridicule and resistance, and encouraged Bitcoin supporters to talk to friends, “hound” political representatives and build a grassroots movement that generates power and influence from numbers.
“Actually, all of you have a lot more power than you realize… As I was building the Purple Revolution, from literally a few dozen of us in the pub to millions of supporters across the country, the phrase I used to use was, ‘join the people’s army.'”
