Former UK Chancellor says Bitcoin is an alternative to a failing financial system

Kwasi Kwarteng, the former UK Chancellor of the Exchequer, voiced a positive view of Bitcoin (BTC).

According to CoinDesk on the 5th (Korea time), Kwarteng said in an interview that “the UK economy has fallen into a ‘fiscal vicious cycle’ in which spending exceeds revenue,” adding that “tax hikes to address this weaken economic incentives.” He went on to say that “short-term policy responses and excessive market volatility are the problem,” and added that “a more long-term economic approach is needed.”

He also stressed the importance of a long-term monetary system. Kwarteng said, “we need to look at new forms of assets such as Bitcoin with a more open mind,” adding that “it could serve as an alternative that can complement the limitations of the existing financial system.”

Meanwhile, Kwarteng serves as chairman of the Bitcoin treasury company “StackBTC (Stack BTC).”