Will debanking Nigel Farage affect Bitcoin?

[alastantiger]

I watched his heart breaking video on YouTube where he broke the news that the about his political persecution. I don't know if it is about bitcoin but it may seem that he has stepped on some very power political toes who want to kick him out. Well, I say it is a good thing. They can stop him from opening an account but they can't stop him from moving his money to bitcoin and keeping it safely in a  cold wallet. This is the freedom that bitcoin gives that the government doesn't want. He can move to anywhere in the world with his wealth in his pocket and not a single care about the government in the world. I want Nigel to be safe and if his safety means moving out of the UK, then I totally support it.
About bitcoin, nothing will happen. I see him being a strong proponent if he eventually moves out.

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[Jet Cash]

  Brexit is all done with now. 

Unfortunately Brexit hasn't really strarted. We didn't vote to go in, and after we joined the destined-to-fail European Union by stealth, we voted to leave. Unfortunately the Eton/Oxford bankers managed to fudge and stall, and we are still opnly partially separated. There is a move to try to suck us and America back in before the EU collapses, and is rescued by a new WEF superstate. Farage and other can see this, and are trying to block it.

[Heisenberg_Hunter]

Not just centralized currencies controlled by governments, we do know that closed source software produced by companies such as Microsoft, Meta and Google have been proven to be potentially dangerous and can act as a spy in favor of governments. This is likely the reason, the famous whistle blower Edward Snowden always prefer using open source software free from government spying and intervention. Well, obviously this news has very little to do with Bitcoin since Farage is more related to UK and isn't really popular throughout the world unlike other entrepreneurs.

But, after such incidences of de-banking protocols undertaken by UK the popularity of Bitcoin would increase in the UK and thereby slowly spread over to the rest of EU. Farage may have a better life by moving over to countries such as El Salvador and usage of open source software additionally might strengthen his position in the game against the banks.

Throughout the history, the primary purpose of Bitcoin was to Bank the unbanked and only after multiple rallies in the prices during various bull runs they have been treated as Digital Gold instead of a decentralized digital currency being operated individually without the control of banks.

[Fiatless]

I think that this action may be more of a problem for CBDCs. It seems that Nigel Farage's video received over 90 million views in about 24 hours. Richard Tice discusses the action in this video.
https://www.youtube.com/watch?v=4-eRFZ8Lvmk

I think these UK banks underestimated the consequences of their actions. The UK government has received a lot of backlash from the restriction placed on Nigel Farage. Now the UK government is criticizing these banks and has decided to investigate the issue. The government is claiming not to be aware of the closure of bank accounts due to political views. These banks are connected to some politicians that will want to use them to silence opposition. They want to gradually turn the UK to China or Iran. These banks are indirectly or unconsciously directing people to bitcoin.

[NotATether]

Who knows where this is headed.

Its extremely troubling that you can be effectively excluded from society by a bank. this has serious implications for all of us.

We know that they are pushing toward CBDC, this is a communists wet dream since they'll be able to dictate to you what you earn, your total worth, what you can spend it on and how much you can accumulate.

They would basically have total control over every aspect of your life, if you said or done the wrong thing or something they didnt like or even didnt understand; boom no more money at the push of a button. We've already seen other examples of this with the trucker's in Canada and Paypal blocking useage etc etc.

This is basically true, banks control all your monetary interactions with the rest of the world because you can only buy stuff and make payments through them and the services they provide for that such as credit cards, wire transfers, fintech apps such as Zelle and so on so forth.

Paypal is basically the worst money institution though. It makes you deal with their antics in addition to your banks at... what benefit exactly? For receiving money, skip them (unless you regularly deal with scammers and other slime buckets).

As for Bitcoin, while it is a decentralised network, it is not an independent network.

It still relies on the presence of ISP's and network providers who lets face it will primarily listen to government legistlation rather than an individual or group of individuals.

If governments decide, they could pull the plug on Bitcoin overnight rendering it useless.

Exchanges can be shut down, but the network can never be blocked, even if ISPs ban Bitcoin ports just like Bittorrent ports, you can still listen on a different port and they'd basically have to use deep packet inspection to discover bitcoin packets (even that breaks by using Tor or I2P as connection methods).

We are heading to a time of communist dictatorship at a frightening rate and worst of all people seem to be oblivious to it.

Its going to come as a hell of a shock for some.

As to what to do about it, only time has that answer.

Yeah a lot of people just don't have the stomach for hearing this.

[Volgastallion]

"The price of freedom is eternal vigilance"  Thomas Jefferson.

We are really not so far from that point..... and most than freedom or a good appeal feels like a scary one. Its a oxymoron or a paradox, but still being really powerfull and real.

For me the only chance to not fall into that communist "state" with a lot of prosecution its to not make any global power to have all the power. We need the power split between some and in that balance we can jump or avoid the total control at least for some more time.

About the no apperture of the accounts, i dont know how its in the UK, but he can not make a judgment for discrimination? So they are gonna be forced to open one.

[pawel7777]

I haven't delved too deep into this story, but it's possible that the reasons behind denying Nigel Farage services were not necessarily political. If that was the case, they'd probably do it openly to virtue signal and to scare away people with "incorrect" opinions. But as reported by The Financial Times they offered him a basic NatWest account instead (Coutts is part of the NatWest group). As much of a downgrade as it is, it shows they don't necessarily mind to keep him as a customer.

Anyhow, stories like that will definitely work in his favour in terms of getting public sympathy. People are more likely to root for underdogs and nobody likes banks.

[DooMAD]

People are more likely to root for underdogs and nobody likes banks.

Since when are oligarchs the underdog?  He's a career politician who's only in it for the money.  No one in their right mind should feel sorry for this parasitic leech.

Farage is an opportunist who can kick up a stink over literally nothing.  If Farage turned down a personal account, clearly he hasn't been "debanked".  It's the business accounts they're refusing to offer him.  Likely because his so-called businesses are shady as fuck.  I sincerely hope he does leave the UK and some other place can put up with his bullshit.

[pawel7777]

People are more likely to root for underdogs and nobody likes banks.

Since when are oligarchs the underdog?  He's a career politician who's only in it for the money.  No one in their right mind should feel sorry for this parasitic leech.

Farage is an opportunist who can kick up a stink over literally nothing.  If Farage turned down a personal account, clearly he hasn't been "debanked".  It's the business accounts they're refusing to offer him.  Likely because his so-called businesses are shady as fuck.  I sincerely hope he does leave the UK and some other place can put up with his bullshit.

In what way is he an oligarch? I think you're using this word way too loosely. Not to mention that he stepped down from UKIP a few years ago and is not a member of any party (as far as I know).
You might not like the guy, but there's no denying he has way less actual power than any of the major banking groups.

And it's not as much about people feeling sorry for him, but more about people getting pissed at the fact that one's account can be closed for their political beliefs/affiliations (whether that story is true or not).

And as for "shady" businesses, the logical course of action would be to report such to relevant authorities rather than denying him a service and make him move his shady business elsewhere.

[Volgastallion]

People are more likely to root for underdogs and nobody likes banks.

Since when are oligarchs the underdog?  He's a career politician who's only in it for the money.  No one in their right mind should feel sorry for this parasitic leech.

Farage is an opportunist who can kick up a stink over literally nothing.  If Farage turned down a personal account, clearly he hasn't been "debanked".  It's the business accounts they're refusing to offer him.  Likely because his so-called businesses are shady as fuck.  I sincerely hope he does leave the UK and some other place can put up with his bullshit.

I think he was refering to a normal behavior the human being have, and that its always take part for the poor or more weak in a discussion. In this case like you said (i dont really know him) is a "powerfull" person but its clearly more "weak" than banks.

And yes both of you can have reason in one thing i know this kind of people who only make big statements or say/made clown things with the only purpose to be in the news or make money, and they dont have any moral, or good intetions.

[DooMAD]

In what way is he an oligarch? I think you're using this word way too loosely. Not to mention that he stepped down from UKIP a few years ago and is not a member of any party (as far as I know).
You might not like the guy, but there's no denying he has way less actual power than any of the major banking groups.

If he no longer meets the criteria to qualify as an oligarch, then at the very least he's a puppet and mouthpiece for the true oligarchs.  His level of political influence probably has reduced now (as has his level of wealth, which seems to be why the rather prestigious bank, Coutts, have dropped him).  Perhaps his level of political "usefulness" is diminished now that the people bankrolling him have got what they wanted (tax avoidance, the sole true goal of Brexit).  But it's undeniable that someone in a position of power is definitely pulling strings to give him far more media attention over the years than would be considered normal.  He is on TV a disproportionate amount for the size of his numerous political parties.  Larger political parties don't get the level of coverage he receives.  Neutrality went out the window the moment money started talking.  The millionaires set the agenda and control the narrative.  He is part of that.

[o48o]

People talking about communism and totalitarianism in here while the fact is that this specific private bank that Nigel was using can choose their customers
And Nigel didn't have enough funds in his account to fit as their customer. Of course Nigel is crying to his fan base as that sells. And he obviously lied about this too as he often does.

https://news.sky.com/story/nigel-farages-bank-accounts-whats-it-all-about-and-whats-the-coutts-threshold-12915155

I know it fits a narrative for some people in here to blame goverment and banks but this has nothing to do with government and what happened is an opposite of communism.

[pawel7777]

People talking about communism and totalitarianism in here while the fact is that this specific private bank that Nigel was using can choose their customers
And Nigel didn't have enough funds in his account to fit as their customer. Of course Nigel is crying to his fan base as that sells. And he obviously lied about this too as he often does.

https://news.sky.com/story/nigel-farages-bank-accounts-whats-it-all-about-and-whats-the-coutts-threshold-12915155

I don't buy the story that the only reason for dropping NF as a client was him going below their threshold. They wouldn't cut him off because of that just like that without prior warnings. The Coutts are not even saying that was the reason (they refused to comment) so it's just a speculation. But if NF was blatantly lying, he would expose himself to a potential lawsuit for reputational damages and I think he knows better than that.
To clarify the situation, he could just publish that letter (if he hasn't already) to show whether or not they stated thresholds as the reason.

That being said, NF's claim that they did this to "take revenge" for the Brexit, doesn't make much sense to me neither.

[Wimex]

It is assumed that what happens at the financial level with fiat currencies does not affect bitcoin itself, despite the fact that this person is a famous politician in the United Kingdom and the EU, it is not for the rest of the world if everything that do people with power will affect bitcoin it would not make sense as such that they consider it decentralized so i do not think that what is happening to Nigel Farage will influence this currency and i mean in a negative way, because if this politician decides to consider bitcoin as its new financial resource and reinforces its movements so that more people can see its potential is already a different story, it is good news for this Cryptoactive

As for the restrictions being placed on Nigel Firage it's a terrible thing to do that to a person just to denigrate his political power but in that world of power playing dirty is not strange, If emigration is one of  plans, should do it as soon as possible, stabilizing where  are cornered in this  way will end up completely destroying. so if he wants to finish what he started it would be good if he acted fast.

[pawel7777]

It is assumed that what happens at the financial level with fiat currencies does not affect bitcoin itself, despite the fact that this person is a famous politician in the United Kingdom and the EU, it is not for the rest of the world if everything that do people with power will affect bitcoin it would not make sense as such that they consider it decentralized so i do not think that what is happening to Nigel Farage will influence this currency and i mean in a negative way, because if this politician decides to consider bitcoin as its new financial resource and reinforces its movements so that more people can see its potential is already a different story, it is good news for this Cryptoactive

A single case like this indeed won't have much (or any) effect on Bitcoin's price. But if we keep hearing stories like this one, or just have regular people getting their bank accounts closed without any clear reason, it'll all add to the distrust that people have towards banks and the financial system as a whole. And when they'll be looking for alternatives, that's when Bitcoin will be gaining. It'll likely be a slow process rather than a sharp rise.

[pawel7777]

A little follow-up on the story of Nigel Farage being barred by Coutts bank.
Apparently the feud between Farage and the Natwest group (owner of the Coutts) caused Natwest CEO (Alison Rose) to resign.
https://www.nytimes.com/2023/07/26/world/europe/natwest-nigel-farage-coutts-bank.html

The reason was not unfairly denying him a service though, but rather the fact that the CEO improperly discussed his bank account details with the media (BBC).
The article linked also suggests that the previous claims that the reason for closing his account was insufficient balance was not true.