Reform’s millions from crypto interests raise doubts about Nigel Farage’s judgement

There is a respectable case to be made for cryptocurrencies. They offer a store of value that is independent of governments and central banks – which is partly why they are associated with economically liberal or libertarian politics.

But there is, equally, a case to be made that cryptocurrencies are a form of Ponzi scheme; that they have no intrinsic value and therefore rely on a kind of confidence trick in order to work.

There are other reasons for being sceptical about digital coins, including the anonymity they can confer, which makes them useful for money-laundering, concealing the proceeds of crime.

Nothing of that kind is alleged in the case of the donors to Reform UK, but there are questions to be asked about a party that is so dependent on financial support from a small number of rich people who have made their money in this subsector of the financial world.

The Independent’s research has established that 60 per cent of the party’s funding has come from such people since the general election. The most generous donor is Christopher Harborne, the Thailand-based entrepreneur who was an early investor in Bitcoin, Ethereum and Tether.

Not only has he given £15m to the party, but he also gave Nigel Farage, the party leader, a personal gift of £5m just before he became an MP. Mr Farage’s failure to disclose that gift, as would appear to be required by the Code of Conduct for MPs, is the subject of a parliamentary inquiry.