Former UK PM Liz Truss Backs Bitcoin as Hedge Against Pound Debasement

Truss joins growing political movement viewing Bitcoin as solution to central bank-driven currency erosion.

Apr. 19, 2026 at 6:26pm

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A dramatic close-up of heavy, metallic banking machinery and mechanisms, conveying a sense of financial security and institutional power without using any literal currency or financial symbols.As the UK grapples with currency debasement, a former prime minister's embrace of Bitcoin signals a shift in the political landscape around digital assets.Washington Today

Former UK Prime Minister Liz Truss has publicly backed Bitcoin as a solution to what she calls the ongoing debasement of the British pound. Truss's endorsement aligns with a broader narrative that has gained traction since the COVID-19 pandemic, when central banks like the Bank of England expanded their balance sheets, leading to surging inflation and eroding the real purchasing power of currencies. While Truss's influence is limited, her statements signal that Bitcoin advocacy is no longer confined to tech circles and could shift the political conversation around cryptocurrency in the UK.

Why it matters

Truss's alignment with Bitcoin advocacy fits into a broader global pattern, with figures like US Senator Cynthia Lummis pushing for Bitcoin to be treated as a strategic reserve asset. While Truss's statements will not directly impact UK policy in the near-term, they do shift the Overton window around what is considered a serious position, potentially paving the way for more UK politicians to embrace pro-Bitcoin stances, especially on the political right.

The details

Truss's argument frames Bitcoin as a hedge against central bank-driven currency debasement, a narrative that has gained traction since the wave of quantitative easing that followed the COVID-19 pandemic. Critics argue the consequence was predictable: inflation surged, interest rates followed sharply upward, and ordinary savers watched the real purchasing power of their pounds quietly diminish. Truss is now positioning herself as a champion of monetary sound money, though opponents will argue her own mini-budget in 2022 did more damage to the pound's credibility than years of Bank of England policy.

  • In September 2022, Truss's mini-budget triggered a gilt market rout and sent sterling into a tailspin, ultimately forcing her from office.
  • Since the COVID-19 pandemic, central banks like the Bank of England have expanded their balance sheets, leading to surging inflation and eroding the real purchasing power of currencies.

The players

Liz Truss

The former UK Prime Minister, whose 45-day premiership in 2022 remains the shortest in British history, is now making the case for Bitcoin as a remedy for what she describes as the ongoing debasement of the pound.

Cynthia Lummis

A US Senator who has spent years pushing for Bitcoin to be treated as a strategic reserve asset at the federal level, an idea that is now part of mainstream policy conversation in Washington.

Bank of England

The central bank that, like its counterparts in the US and Europe, expanded its balance sheet aggressively during the COVID-19 pandemic, leading to surging inflation and eroding the real purchasing power of the pound.

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What’s next

It remains to be seen whether other UK politicians, particularly sitting Conservative MPs, will follow Truss's lead and embrace pro-Bitcoin positions, especially as the party searches for an economic identity heading into its next leadership cycle. This could have significant implications for the UK's digital assets market and regulatory environment.

The takeaway

Truss's endorsement of Bitcoin as a hedge against the debasement of the British pound signals that cryptocurrency advocacy is gaining traction in mainstream political discourse, even among former government leaders. While her influence is limited, this shift in the Overton window could pave the way for more UK politicians to embrace pro-Bitcoin stances, potentially impacting the country's digital assets market and regulatory landscape.