Former Minister of State for Northern Ireland Steve Baker to Join Bitcoin Venture Capital Firm Axiom

by

As a seasoned analyst with decades of experience in politics and finance, I find myself intrigued by the latest move of Steve Baker, the former Minister of State for Northern Ireland, joining Axiom Venture Fund II LP as an advisor. While there are valid concerns about potential conflicts of interest due to his government contacts, it is heartening to see that he has taken precautions to ensure fair business practices.

Previously serving as Minister of State for Northern Ireland and in the Cabinet Office, the Right Honorable Steve Baker, has been granted permission to become an advisor for Axiom Venture Fund II LP on a paid basis. As outlined in a comprehensive six-page document, Baker can take up this role at the Axiom company as a paid advisor, subject to certain terms and conditions that must be followed to maintain ethical business practices.

Additionally, it’s thought that Baker amassed influential connections within the UK government which could potentially provide Axiom with an unbalanced edge over other companies. Following his retirement in 2024 from government positions, Baker is expected to abstain from lobbying the UK government on behalf of Axiom for the next two years.

In order for Baker to become an advisor to Axion, it’s stipulated that he can’t use contacts gained while in office for lobbying purposes. However, Baker asserted that he never interacted with Axiom officials during his term, which led to the government giving him a clean bill of health.

In this position as a compensated consultant, he’ll be tasked with assisting Axiom in gaining fresh clients and offering unique, substantially varied insights for their investment research and decision-making procedures.

🤝I am delighted to join @axiombtc as an advisor.

💡Find my paper for Axiom here:

It’s clear that an effective social safety net is essential. The drawbacks of one that consistently proves too costly are becoming increasingly apparent. The necessity…

— Rt Hon Steve Baker FRSA 🗽 (@SteveBakerFRSA) November 25, 2024

Axiom Leaders on the Importance of Bitcoin Infrastructure

As suggested by Baker and Allen Farrington, cofounder of Axiom, Bitcoin is considered a reliable form of currency in times of fiat currency devaluations. In the face of global economic instability, both individuals agree that Bitcoin should not be dismissed as another ‘tulip bubble.’ Notably, this assessment becomes even more relevant when considering the growing involvement of national governments.

So far, pro-cryptocurrency leaders like President-elect Donald Trump have taken the lead in the United States. The forthcoming Trump administration has shown an inclination towards viewing Bitcoin as a potential safeguard against the escalating national debt limit.

The question posed by the experts is whether Bitcoin represents a speculative bubble fueled by easily available funds, or if it’s a solution to such issues.

As an analyst, I’ve observed that not only are several countries adopting Bitcoin, but also publicly-traded companies have incorporated this leading cryptocurrency into their financial records. For example, the remarkable success of MicroStrategy Inc (NASDAQ: MSTR) has inspired numerous global entities, spearheaded by Metaplanet Inc. (Tokyo: 3350), to emulate this strategy.

As per Baker’s perspective, Bitcoin has come to be viewed as a man-made asset comparable to traditional commodities, a holding that nations and investors alike might consider for combating inflation. Notably, the analysis suggests that the private sector is now the primary viable avenue for producing quality and trustworthy currency.

The Bitcoin industry has grown to more than $2 trillion in valuation, with around 1 million activities on-chain holders. Wall Street experts believe that Bitcoin’s market valuation will outperform Gold in the coming years, amid the mainstream adoption fueled by nation-states and institutional investors.

Read More

2024-11-28 19:27