Bitcoin Purchase Prediction by Michael Saylor: Bank of England Soon to Make a Move?
UK Politician Nigel Farage Announces Plans for Crypto-Friendly Law if Elected
Michael Saylor, Bitcoin advocate and Strategy Executive Chairman, expressed enthusiasm about potential changes in the UK's cryptocurrency landscape, following a speech by Nigel Farage at the Bitcoin Conference. Farage, a UK politician and leader of Reform UK, has promised to introduce legislation called the Crypto and Digital Finance Bill if his party wins the upcoming general election.
The proposed bill aims to integrate cryptocurrencies like Bitcoin into the mainstream and establish the UK as a global leader in digital finance. According to Farage, the Bank of England should hold Bitcoin as part of its digital reserves, among other proposals. If enacted, the bill would also protect people's bank accounts, preventing them from being shut down due to crypto trading activities.
Saylor, a longtime proponent of Bitcoin adoption, responded to Farage's speech by tweeting, "Bank of England on the Brink... of Buying Bitcoin." He has consistently urged governments and institutions to recognize Bitcoin as a store of value and part of official reserves over the years.
If elected, Farage intends to reduce capital gains tax on cryptoassets from the current 24% to 10%, making it more appealing for individuals and businesses to invest in digital assets. He also aims to outlaw practices such as "debanking," where banks close customer accounts due to suspicion surrounding their crypto activities.
Close to seven million British residents already own cryptocurrencies, with one in four young adults among them. Farage believes it is time for the government to embrace the crypto revolution and make London one of the world's top crypto trading centers.
It is worth noting that the UK government has also been advancing draft legislation, specificly the Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025, published in late April 2025. This legislation will bring cryptoasset activities under regulatory oversight for the first time, focusing on transparency, consumer protection, and operational resilience. The goal is to create a stable, competitive environment for digital finance while positioning the UK as a safe, innovative hub for fintech and digital assets.
However, Farage's proposal appears to be more ambitious than the government's draft legislation, with a focus on creating a sovereign bitcoin reserve, tax incentives, and legal protections against debanking, all intended to make the UK a global leader in digital finance.
- Nigel Farage's Crypto and Digital Finance Bill, if enacted, could position the UK as a global leader in digital finance, integrating Bitcoin and other cryptocurrencies into the mainstream financial system.
- In response to Nigel Farage's proposal to reduce capital gains tax on cryptoassets, Michael Saylor, a Bitcoin advocate, emphasized the importance of governments recognizing Bitcoin as a store of value and part of official reserves.
- If elected, Nigel Farage plans to create a competitive environment for digital finance by outlawing practices such as "debanking," lowering the capital gains tax on cryptoassets, and introducing legal protections to prevent account closures due to crypto trading activities.
