I’m no fan of Nigel Farage, but he’s suddenly shown us how Bitcoin can safeguard our freedoms
Who would have thought that Nigel Farage would unwittingly become one of the UK’s highest profile Bitcoin advocates? Well this is, weirdly, what has happened.
To recap: For weeks now, the right-wing talk show presenter and former leader of the pro-Brexit UK Independence Party, has been making headlines claiming his account with the private bank Coutts, owned by NatWest Group, had been shut down unfairly.
He complained that the bank account had been closed because the banking group didn’t agree with his political views, mainly due to him being one of the chief architects of Brexit.
The BBC gave coverage to reports that the account was closed because Farage did not meet Coutts’ £1 million pound borrowing requirement.
But then Farage then published documents showing that bank bosses talked about his financial affairs, but also the “reputational damage” associated with keeping him as a customer. The documents said Farage was “seen as xenophobic and racist” and “considered by many to be a disingenuous grifter.”
And now we have the resignation of Natwest CEO Alison Rose, sending shares in the bank plummeting.
But let me tell you something I’ve known for years, banks have been routinely closing accounts without giving their customers much notice or reasonable explanation for years.
“It should concern us when banks close our accounts with little or no warning. Ordinary people don’t get the prime minister hollering for justice, and we certainly don’t get apologies from CEOs,” writes a debt adviser in today’s Guardian.
In recent years, concerns have grown over reports of banks and financial institutions closing accounts based on their customers’ political views. This practice raises serious questions about freedom of expression and the power wielded by centralised institutions over individuals’ financial lives.
Enter Bitcoin. The revolutionary digital currency, which offers a decentralised and censorship-resistant alternative that empowers individuals to protect their wealth and express their political beliefs without fear of retribution.
Banks, as intermediaries between individuals and their funds, wield significant control over the financial transactions of their customers. Unfortunately, this power has been abused in some cases, leading to the closure of accounts based on the account holder’s political or ideological affiliations.
Such actions stifle freedom of expression and create a chilling effect, forcing individuals to self-censor to avoid potential repercussions from financial institutions.
The repercussions of account closures go beyond mere inconvenience; they can cause individuals to lose access to funds, face difficulties in conducting day-to-day transactions, and even suffer reputational damage.
But – even worse – this practice raises ethical concerns about the role banks should play in policing people’s beliefs, especially in democratic societies that value free speech.
However, Bitcoin fixes this. It operates on a peer-to-peer network, eliminating the need for intermediaries like banks and putting control back into the hands of individuals. Transactions on the Bitcoin network are secured through cryptographic principles, making it highly secure and immutable.
The decentralised nature of Bitcoin means that no single entity, corporation, or government can arbitrarily close someone’s Bitcoin account or freeze their assets based on their political views.
Every user on the network has an equal opportunity to participate, regardless of their ideology or location, ensuring that political views do not influence financial freedom.
Bitcoin transactions are pseudonymous, meaning they are tied to public addresses rather than individuals’ real-world identities. While not entirely anonymous, this feature offers a level of privacy that traditional banking systems cannot match. Individuals can freely express their political beliefs without fear of being targeted for their views, as their identities remain protected in the blockchain’s public ledger.
As we’ve seen in recent years, in some cases, governments have imposed economic sanctions on individuals or countries based on political disagreements. These sanctions can lead to asset freezes and restricted access to the global financial system.
But Bitcoin provides a lifeline for those affected by such actions, allowing them to preserve their wealth and engage in financial transactions outside the purview of centralised control. It acts as a borderless asset that remains unaffected by geopolitical decisions, offering financial security to its users.
Nigel Farage – whom I have heavily criticised in public in the past – has shown how Bitcoin emerges as a powerful and transformative force, ensuring financial sovereignty, freedom of expression, and unrestricted access to economic opportunities. Thank you, Nigel.
Nigel Green, CEO and founder of deVere.