Kwasi Kwarteng, the UK\u2019s former Chancellor of the Exchequer who served just weeks in September 2022, is re-emerging with a new focus on bitcoin, monetary history, and long-term economic thinking.<\/p>\n
Reflecting on the infamous mini-budget in an interview with CoinDesk, he was candid about the missteps. \u201cThe mini budget was literally two weeks after we took office, it was just very, very rushed business,\u201d he said, referring to the period immediately after taking office on Sept. 6, followed by the death of Queen Elizabeth II two days later. The compressed timeline left little room for coordination or scrutiny. The fallout was severe, sending gilt yields sharply higher and helping expose the UK\u2019s Liability-Driven Investment pension crisis.<\/p>\n
Kwarteng still defends the intent behind the policy, warning the UK is now stuck in a fiscal \u201cdoom loop\u201d where \u201cyou\u2019re spending more money than you can raise in taxation,\u201d and rising taxes ultimately \u201ckill incentives in the economy.\u201d <\/p>\n
He also criticised the short-termism dominating both politics and markets. \u201cEverything\u2019s quarterly driven, people are either euphoric or freaking out. And actually, you\u2019ve got to take a longer view.\u201d<\/p>\n
That longer view now shapes his thinking on bitcoin and money more broadly. While in office, he said, \u201cthe Treasury, the Bank of England are certainly aware of bitcoin and digital assets, but its still incredibly small,\u201d highlighting what he sees as the UK\u2019s reluctance to embrace innovation. <\/p>\n
He also pointed to a cultural gap with Europe, noting Paris is becoming \u201cquite forward leaning on digital assets.\u201d A new bitcoin treasury venture<\/p>\n Now involved with UK bitcoin treasury firm Stack BTC (STAK) as executive chairman, Kwarteng is putting those ideas into practice, with the company holding 31 BTC<\/a> on its balance sheet. <\/p>\n
Kwarteng also pushed back on criticism from Boris Johnson<\/a>, after the former prime minister claimed Bitcoin was a \u201cPonzi,\u201d arguing instead for a more open-minded view of emerging forms of money.<\/p>\n