The UK is so screwed (as if we didn’t know)! They slashed capital gains allowances to boost revenue. Instead, high earners left the country. Receipts dropped by 18%. That’s a £2.7 billion shortfall! Has no one in government heard of the Laffer Curve?
“I do find this all fascinating. I don't think we have heard the last of it. This is gonna be the thing of the future!” - Ali Miraj, LBC Today I joined Ali on LBC to talk about Bitcoin including the GENIUS Act, Elizabeth Warren’s concerns, and growing interest from pension funds.
Trump plans to open Bitcoin access to American pensions, unlocking a $9 trillion pool of capital. Just 1% = $90 billion. Then when you look at global AUM which is around $115 trillion you start to see the scale of where this could go. Larry Fink said that 2–5% allocations from sovereign and institutional funds could potentially push Bitcoin to $700K+. Everything’s bleeding into Bitcoin, pensions, ETFs, corporates, even countries. But in the UK? We still can’t buy a spot Bitcoin ETF. And financial advisors still can’t recommend it. 🤨
Two years ago, I warned in City AM that the UK's Online Safety Bill risked undermining privacy and paving the way for government overreach into our digital lives. Today, that concern feels more urgent than ever. Last month, the EU Commission released its ProtectEU roadmap, outlining plans to provide law enforcement with access to encrypted data by 2030. This is not about targeting specific suspects. It is about building the legal and technical infrastructure for mass surveillance. Big Brother Watch have revealed that live facial recognition systems deployed in UK cities are wrong nearly 9 out of 10 times, scanning innocent people without their knowledge or consent. This is already happening in our streets, at stations, even at protests. Now imagine that biometric surveillance linked to a centralised digital currency. Imagine every payment, location, contact and movement tracked, stored and correlated. This is not theoretical. We risk building a society where privacy is gone, autonomy is restricted, and control is centralised in the name of convenience and safety. The combination of decrypted messaging, facial recognition, CBDCs, and mandatory ID checks and full KYC creates a full spectrum surveillance regime. A system where dissent is not crushed by force, but quietly discouraged through constant surveillance. What’s at stake is freedom of thought, movement and expression. We should be defending them, not trading them for the illusion of safety. Once this infrastructure is in place, it is rarely rolled back.
Big Brother Watch has repeatedly warned that the UK is quietly creeping into a surveillance state. Live facial recognition is being deployed across streets, train stations, shopping centres and even at public protests. But this technology is not just targeting criminals. It is scanning millions of innocent people without their knowledge or consent. False alarms with real consequences Studies show that the vast majority of facial recognition matches are false. According to Big Brother Watch, in 80 deployments across the UK, 89.7% of alerts were false positives. In London alone, 150 out of 173 matches by the Metropolitan Police were incorrect, resulting in an error rate of nearly 87%. In some cases, people were stopped, searched or fingerprinted as a result. These mistakes are not harmless. They are invasive, humiliating and difficult to challenge. 📄.pdf It is all connected Facial images from passports, CCTV, phones and even social media are increasingly fed into large government and private databases. Big Brother Watch has raised concerns that a digital pound or central bank digital currency would allow the state to track every payment in real time. Combined with facial recognition and phone surveillance, this creates a fullmap of your movements, your spending and your associations. Your phone is not private Every step we take with a smartphone in our pocket feeds data to corporations and authorities. Location, biometrics, browsing history and more. If that is tied to payment systems and real time identity scanning, we move closer to a system where everything we do can be watched, recorded and judged. Know Your Customer (KYC) rules are already mandating identity checks for basic services. This is not theoretical. It is happening now. Where does this lead? The future we are heading toward is one of forced compliance. A world in which you are monitored constantly. In which you are guilty until proven innocent. In which dissent is quietly suppressed by the knowledge that you are being watched. We are at a turning point If we do not push back, we risk building a society where privacy is gone, autonomy is restricted, and control is centralised in the name of convenience and safety. This goes far beyond retail surveillance. It marks the steady build up of a digital infrastructure designed for monitoring and control. It's 1984 George Orwell warned of a future where every move was watched, every word monitored, and every thought shaped by fear. But even he did not imagine a world where your money could be used to control you. With facial recognition and CBDCs combined, we are building something even more invasive than Orwell foresaw, a system where surveillance is not just constant but transactional, embedded into the very fabric of daily life. When every face is scanned, every step tracked, and every payment recorded, we are not living freely. We are living under watch. Thank you to Big Brother Watch for continuing to shine a light on these issues and holding power to account.
Russia’s new ruble backed stablecoin A7A5 has quietly moved more than $9.3 billion in just four months. It is being used to convert rubles into USDT, bypassing Western sanctions via offshore rails. It’s an expected workaround. In my 2023 article for City A.M., Can BRICS build something with Bitcoin? I discussed whether countries like Russia, China, and Brazil might one day adopt a neutral, open monetary standard rather than trying to replicate fiat in new digital forms. A7A5 shows the BRICS bloc is exploring alternatives to the dollar. But it is not building on openness, neutrality, or long-term resilience. Bitcoin is all of those things. A7A5 is a centralised digital IOU, processed through intermediaries. This is not true de-dollarisation. It is a centralised workaround that functions like a CBDC in disguise, without transparency or trustlessness. So why does it matter? Because Russia has already signalled interest in using Bitcoin for cross-border trade. Finance Minister Anton Siluanov confirmed in December 2024 that Russia is using Bitcoin in foreign transactions. Putin has said crypto has “a right to exist” and could be useful for settlements. A7A5 might not just be a workaround. It could be a stepping stone. By normalising crypto-based trade and softening public resistance, Russia may be laying the groundwork for broader adoption of digital assets - including Bitcoin. The real solution does not require back doors. How long before Russia is using bitcoin? Full article: image
I love ₿itcoin. 🧡
Today, I'm heading into the Roxom studio in London’s Soho to start regular shows on Bitcoin, current affairs, UK policy, and to interview key voices in the space. This is a hugely exciting opportunity and a perfect synergy with my work as CEO of Bitcoin Policy UK and as a journalist. Bitcoin adoption in the UK is happening. ⚡️ image
Bitcoin is bringing back that fantastic (not yet universal) sense that what we’re doing is right, that we’re winning... This time, the wave won’t break. ?
The UK is pricing out innovation with bloated compliance and unclear rules. Startups are being squeezed out while only the largest firms can afford to stay. Regulators failed to act on industry advice. Companies are leaving, growth is hindered, and we’ve lost any chance of a second-mover advantage. The real question is whether we’ll ever catch up. How did the UK, once a global leader in financial services and computer science, fall so far behind?