Latest news with #BitcoinConference
Yahoo
11 hours ago
- Business
- Yahoo
Farage's flirtation with Bitcoin will cost him his credibility
Nigel Farage's entire political career has been coupled with the pursuit of credibility. From those early days of Ukip, unsuccessfully soliciting the backing of Enoch Powell, through his incendiary years in the European Parliament culminating in Brexit, to his return to Reform ahead of last year's general election, Farage has been a vocal and powerful figure in politics – but always outside the realm of serious contender. Lately, however, the story has changed. Reform comfortably leads the polls, overturned a near 15,000-vote majority to win a by-election and was the emphatic winner of recent local elections. Farage is an MP and widely considered the unofficial opposition, despite heading only the seventh-largest party in Parliament. Even the Prime Minister was forced to declare Farage the 'main challenger' to his government. His credibility is no longer in question. Or at least it shouldn't be. But, just hours after Sir Keir Starmer conceded that Reform had replaced one of the most successful political parties in history as the focus of his attention, Farage took the stage in a foreign country to announce a new policy that could torch his hard-won recognition. Playing to the crowds of the annual Bitcoin Conference in Las Vegas, Farage committed the UK to a variety of crypto proposals in a move that smells more of his time in the political cold between Ukip and Reform than it does of a potential prime minister-in-waiting. While policies such as allowing Reform to accept political donations in Bitcoin are irrelevant (I honestly believed they already accepted crypto cash), and a new rate of capital gains tax just for the world's most insufferable zealots will be forgotten by both party and people, Farage laid out a dangerous precedent at his fireside chat. In declaring the Bank of England will be forced to establish a 'Bitcoin digital reserve', à la Donald Trump, Farage has made two key errors. The first threatens his credibility with markets and the mysterious 'bond vigilantes' – a relationship that has already been strained by his other recent policy announcements. It's not even the ridiculous notion itself of a nation state buying a bunch of Bitcoin that rankles, but the inherent threat to the independence of the central bank which is foolhardy. Just ask Liz Truss. Even Trump has (somewhat) backed down from his fight with 'loser' chairman of the Federal Reserve Jerome Powell, understanding that, like it or not, an independent central bank is sacrosanct in the 21st century. There are fair arguments to be made on both sides regarding Farage's £90bn tax cuts. They simply cannot all be instated and do ring of 'fantasy economics' in some regards, but I think you would struggle to find any supporters of 'fiscal drag', that most euphemistic of persistent tax burdens. But, even more vital to Farage's credibility is his perception from the polling station, not Threadneedle Street – and right now he seems more concerned with winning votes in the US than he does the UK. Crypto is not a serious issue for voters here: a recent YouGov survey found that just 11pc of people in the UK have a positive view of crypto, which correlates with the amount of people who own any. More than a third of people either don't know or don't care. It strikes anyone paying attention as a tickbox exercise designed to emulate the American Right rather than built from his own sincere belief. A brief look at the comments confirms it: 'Farage is making a big mistake here. He is copying Trump on this but the involvement of Trump and his DJT company and of his two sons in this is rather murky, to say the least.' 'Sorry Nigel, not a good idea, total gamble and the sort of thing Trump does, but should not be for a stable central bank to do…' Perhaps Farage is hoping for a boost to the (unaffiliated) $FARAGE coin he once shilled for (currently down 96pc on its peak). Or maybe he is being paid for the promotion (like his £189,000 pay cheque from Direct Bullion for four hours' work promoting gold). He may even sincerely believe these policies will drag Britain into a prosperous future. But he must consider whether all of this is worth that hard won and easily lost prize of credibility. He'll have to make up his mind soon. The most liked comment under the news of his Bitcoin bill is simple: 'Successfully turning me off Reform day-by-day.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
13 hours ago
- Business
- Telegraph
Farage's flirtation with Bitcoin will cost him his credibility
Nigel Farage's entire political career has been coupled with the pursuit of credibility. From those early days of Ukip, unsuccessfully soliciting the backing of Enoch Powell, through his incendiary years in the European Parliament culminating in Brexit, to his return to Reform ahead of last year's general election, Farage has been a vocal and powerful figure in politics – but always outside the realm of serious contender. Lately, however, the story has changed. Reform comfortably leads the polls, overturned a near 15,000-vote majority to win a by-election and was the emphatic winner of recent local elections. Farage is an MP and widely considered the unofficial opposition, despite heading only the seventh-largest party in Parliament. Even the Prime Minister was forced to declare Farage the 'main challenger' to his government. His credibility is no longer in question. Or at least it shouldn't be. But, just hours after Sir Keir Starmer conceded that Reform had replaced one of the most successful political parties in history as the focus of his attention, Farage took the stage in a foreign country to announce a new policy that could torch his hard-won recognition. Playing to the crowds of the annual Bitcoin Conference in Las Vegas, Farage committed the UK to a variety of crypto proposals in a move that smells more of his time in the political cold between Ukip and Reform than it does of a potential prime minister-in-waiting. While policies such as allowing Reform to accept political donations in Bitcoin are irrelevant (I honestly believed they already accepted crypto cash), and a new rate of capital gains tax just for the world's most insufferable zealots will be forgotten by both party and people, Farage laid out a dangerous precedent at his fireside chat. In declaring the Bank of England will be forced to establish a 'Bitcoin digital reserve', à la Donald Trump, Farage has made two key errors. The first threatens his credibility with markets and the mysterious 'bond vigilantes' – a relationship that has already been strained by his other recent policy announcements. It's not even the ridiculous notion itself of a nation state buying a bunch of Bitcoin that rankles, but the inherent threat to the independence of the central bank which is foolhardy. Just ask Liz Truss. Even Trump has (somewhat) backed down from his fight with 'loser' chairman of the Federal Reserve Jerome Powell, understanding that, like it or not, an independent central bank is sacrosanct in the 21st century. There are fair arguments to be made on both sides regarding Farage's £90bn tax cuts. They simply cannot all be instated and do ring of 'fantasy economics' in some regards, but I think you would struggle to find any supporters of 'fiscal drag', that most euphemistic of persistent tax burdens. But, even more vital to Farage's credibility is his perception from the polling station, not Threadneedle Street – and right now he seems more concerned with winning votes in the US than he does the UK. Crypto is not a serious issue for voters here: a recent YouGov survey found that just 11pc of people in the UK have a positive view of crypto, which correlates with the amount of people who own any. More than a third of people either don't know or don't care. It strikes anyone paying attention as a tickbox exercise designed to emulate the American Right rather than built from his own sincere belief. A brief look at the comments confirms it: 'Farage is making a big mistake here. He is copying Trump on this but the involvement of Trump and his DJT company and of his two sons in this is rather murky, to say the least.' 'Sorry Nigel, not a good idea, total gamble and the sort of thing Trump does, but should not be for a stable central bank to do…' Perhaps Farage is hoping for a boost to the (unaffiliated) $FARAGE coin he once shilled for (currently down 96pc on its peak). Or maybe he is being paid for the promotion (like his £189,000 pay cheque from Direct Bullion for four hours' work promoting gold). He may even sincerely believe these policies will drag Britain into a prosperous future. But he must consider whether all of this is worth that hard won and easily lost prize of credibility. He'll have to make up his mind soon. The most liked comment under the news of his Bitcoin bill is simple: 'Successfully turning me off Reform day-by-day.'
NBC News
a day ago
- Business
- NBC News
Insurance companies look to cash in on crypto-kidnapping fears
A recent string of horrific assaults and kidnappings targeting people rich in cryptocurrency is heightening fears among investors about their physical safety — and insurance companies are hoping to cash in. At least three companies that provide insurance and security services specifically tailored for cryptocurrency holders and companies are working to come up with insurance policies for those who fear physical violence and kidnapping, called kidnap and ransom (K&R) policies, they told NBC News. Rebecca Rubenfeld, the chief operating officer of AnchorWatch, a crypto insurance firm that's working to begin offering kidnapping and ransom protection by this fall, said that fear of violence was a major topic at this week's annual Bitcoin Conference in Las Vegas. 'They're tense,' Rubenfeld told NBC News. 'I'm not saying that because I'm trying to sell insurance, but overall, the mood is a very good environment for me.' The earliest reports of physical attacks on Bitcoin holders date back more than a decade, with dozens reported in the news media. But recent brutal attacks — of an Italian tourist tortured for weeks in Manhattan for access to his bitcoin, and a string of crypto executives and their family members kidnapped in France — have left many crypto holders particularly rattled. Bitcoin and other cryptocurrencies' accounts are easily managed by a single person, outside of traditional banking institutions, and transactions are usually irreversible. That appealed to a certain class of libertarian nerds who acquired significant amounts of Bitcoin years ago. Many have become extremely wealthy as Bitcoin's price continues to reach new highs. But as Bitcoin's value has risen, so too has its appeal to criminals, many of whom realize that the technology's ability to skirt traditional law enforcement also means it's much easier to launder if they can force a victim to give up their account. Ryan Lackey, the chief security officer at Evertas Insurance, a company that sells insurance for digital assets, said the best protection for a publicly wealthy bitcoin holder is to both have physical security and to make it public that they can only access a certain portion of funds. Most of their crypto wealth should be protected with passwords stored in difficult-to-access locations, like banks or safety deposit boxes. 'The ideal product in the space is actually something where you can probably not get access to funds beyond a certain amount, and then you can pay them a small amount. This has to be something that's widely adopted, that's known by the dumbest possible kidnappers in the world, because they'd otherwise have no reason to believe it,' he said. 'You'd actually want to be known as a person who holds it, because it shows that you don't have access to it. It's just like the signs at 7-Eleven that say 'cashier does not have access to the safe,'' he said. Lackey said Evertas encourages customers to get kidnapping and ransom insurance and is considering how to offer it directly. Kidnapping and ransom insurance is common for corporate executives, and several traditional insurers that offer it sell custom policies for people who are rich from cryptocurrency. Traditionally, kidnapping and ransom insurance is often marketed for companies to take policies out for key employees. Andrew Kurt, the vice president of executive risk at the insurance firm Hylant Capital, said he was not surprised to see more crypto companies offering K&R insurance because it is particularly lucrative, given how relatively few people actually get kidnapped. 'Historically, K&R has been a wildly profitable line of business for insurance companies, even though the premiums are very, very small,' Kurt told NBC News. 'The losses are few and far between.' 'I think what has occurred is probably not going to be a large frequency issue, but more of a severity issue here and there,' he said. Joseph Ziolkowski, the CEO of cryptocurrency insurance company Relm, said that his company has been working out details to start offering kidnapping and ransom insurance, but that the process is complicated by a need to thoroughly evaluate a customer's cyber and physical security. 'The way coverage is priced is, there's effectively a base rate, and that base rate gets debited and credited based on favorable or unfavorable circumstances related to a particular risk. If someone has 24/7 personal security detail traveling with them at all times, that obviously would be a credit and would affect premium,' he said. Some wealthy crypto holders have opted to try to largely disappear from public view. But for many, that's not an option. Some are visible because they work in the crypto industry or speak at conferences. In other cases, bitcoin holders' identities are exposed to criminals without their consent. Earlier this month, Coinbase, the largest American cryptocurrency exchange, said that cybercriminals had stolen the personal information, including names and addresses, of some of its customers, and that some had been successfully tricked out of their holdings. According to state data breach filings, nearly 70,000 customers have been exposed.
The National
a day ago
- Business
- The National
Warning over ‘loophole' as Reform UK open crypto donations
It comes as Reform UK have announced they will begin accepting donations in cryptocurrency. Speaking at the Bitcoin Conference in Las Vegas yesterday, leader Nigel Farage pledged that his party would 'launch in Britain a crypto revolution'. Party chairman Zia Yusuf, meanwhile, told reporters on Friday that Reform UK had already received its first cryptocurrency donations, adding they were all compliant with Electoral Commission rules. READ MORE: Labour Government plan to teach 'importance of UK military' in schools But anti-corruption organisation Transparency International has warned that the 'integrity of our democratic process' is at risk unless the UK Government brings in reforms. Cryptocurrency donations are allowed within current rules, as long as parties collect enough information to 'properly check that each donation is from a permissible source'. The EC website explains: 'Cryptocurrencies are digital currencies that operate independently of any central bank or authority. 'The same rules apply to donations received in cryptocurrencies as any other donations. 'Sufficient information must be collected to check permissibility. There must be a means of valuing the donation given in any cryptocurrency.' Reform's website also currently contains a disclaimer on the top of the payment page which reads: 'Reform UK may accept a donation only from a permissible donor and where the identity of the donor is known. 'We ask you to provide information so that we can perform the required checks.' But Steve Goodrich, head of research and investigations at the anti-corruption organisation, told The National that cryptocurrencies still pose a 'serious challenge to UK political finance laws'. 'The anonymity offered by digital currencies makes it nearly impossible for political parties to have confidence in their donors' identities,' he said. 'Our current laws were designed to ensure transparency in political funding, but they were written before Bitcoin existed. Today, they appear increasingly outdated.' Goodrich added: "As cryptocurrency adoption grows, we face a widening loophole that could allow unlimited anonymous donations to flow into British politics. 'The government urgently needs to act and bring forward legislation to address both traditional big money influence and the emerging threat of digital donations. Without reform, the integrity of our democratic process remains at risk."
The National
a day ago
- Business
- The National
Warning over ‘loophole' as Reform UK opens crypto donations
It comes as Reform UK has announced it would begin accepting donations in cryptocurrency. Speaking at the Bitcoin Conference in Las Vegas yesterday, leader Nigel Farage pledged that his party would 'launch in Britain a crypto revolution'. Party chairman Zia Yusuf, meanwhile, told reporters on Friday that Reform UK had already received its first cryptocurrency donations, adding they were all compliant with Electoral Commission rules. READ MORE: Labour Government plan to teach 'importance of UK military' in schools But anti-corruption organisation Transparency International has warned that the 'integrity of our democratic process' is at risk unless the UK Government brings in reforms. Cryptocurrency donations are allowed within current rules, as long as parties collect enough information to 'properly check that each donation is from a permissible source'. The EC website explains: 'Cryptocurrencies are digital currencies that operate independently of any central bank or authority. 'The same rules apply to donations received in cryptocurrencies as any other donations. 'Sufficient information must be collected to check permissibility. There must be a means of valuing the donation given in any cryptocurrency.' Reform's website also currently contains a disclaimer on the top of the payment page which reads: 'Reform UK may accept a donation only from a permissible donor and where the identity of the donor is known. 'We ask you to provide information so that we can perform the required checks.' But Steve Goodrich, head of research and investigations at the anti-corruption organisation, told The National that cryptocurrencies still pose a 'serious challenge to UK political finance laws'. 'The anonymity offered by digital currencies makes it nearly impossible for political parties to have confidence in their donors' identities,' he said. 'Our current laws were designed to ensure transparency in political funding, but they were written before Bitcoin existed. Today, they appear increasingly outdated.' Goodrich added: "As cryptocurrency adoption grows, we face a widening loophole that could allow unlimited anonymous donations to flow into British politics. 'The government urgently needs to act and bring forward legislation to address both traditional big money influence and the emerging threat of digital donations. Without reform, the integrity of our democratic process remains at risk."
