Recently, I’ve been thinking a lot about cryptocurrency. I’ve been speaking with people who know far more about it than I do, and reading writers like Zeke Faux, whose recent book Number Go Up lays bare what he calls the “$3 trillion delusion.”

But then a couple of things happened last week that made me really pay attention. First, the news broke that the Trump family’s media company—yes, the former U.S. president’s private business—plans to raise $2.5 billion to buy cryptocurrencies.

The second was Nigel Farage’s announcement that Reform UK will now be accepting donations in Bitcoin.

What jumped out wasn’t just that Farage is openly soliciting donations in a medium long favoured by drug dealers and money launderers. It…