Truss, who held office for a brief 45 days in 2022, believes that the UK has experienced economic stagnation for decades. She highlights 'debasement of our currency' – a term she uses to describe the erosion of Sterling’s value through inflation and the printing of new banknotes – and a lack of 'sound money' as central issues. This perspective underpins her renewed interest in Bitcoin (BTC), which she sees as a potential safeguard against currency debasement. Her interest in the cryptocurrency first emerged during her tenure at the Treasury, where she admits to referencing it to 'shake things up'.
During an interview with CoinDesk, Truss criticised the limited debate surrounding monetary policy within both academia and government, branding it 'quite sinister' and a 'taboo'. She argues that this lack of open discussion prevents effective solutions to the UK's financial woes, despite monetary policy's crucial role in economic outcomes.
For Truss, Bitcoin represents more than just an investment; it's a tool to counteract what she views as increasing centralisation and control. She contends that the current system is designed to limit financial independence through stringent regulation and taxation. Her advocacy for Bitcoin aligns with a broader pushback against this trend, promoting what she terms a 'sovereignty and liberty' movement, which she plans to further through the launch of CPAC UK.
The former Prime Minister warned that the UK faces long-term decline fuelled by sluggish growth, increasing state intervention, and a perceived failure of current monetary policy. She cites high taxes, regulation, and escalating energy costs as significant disincentives for entrepreneurs, making the 'risk often not worth the reward' and ultimately creating a 'massive disincentive to work' in the country.
Reflecting on the controversy surrounding her Chancellor Kwasi Kwarteng's 2022 mini-budget, Truss maintains that the subsequent market turmoil merely exposed pre-existing 'hidden fragilities' within the economy, rather than being the root cause of the problems. Her stance underscores a consistent argument for a more radical approach to economic reform, with bitcoin positioned as a key component of this vision.
