Farage emboldened by Trump’s victory – but whether he can replicate that success remains to be seen
Fresh from Donald Trump’s victory party at his Mar-a-Lago estate in Florida, it is an emboldened Nigel Farage who meets us at his latest Reform conference in Newport, South Wales.
“What a win!” He chirps, as the cameras are set up.
To be clear: Nigel Farage is not on the brink of becoming the next British prime minister, but there are undoubtedly parallels between the Reform leader and the US president-elect.
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Both men are trying to tap into disillusioned “left behind” voters, both men are cutting through in rural communities and former industry heartlands. There are red MAGA hats on show at the Reform conference on Friday.
But once the cameras are rolling, and I ask about criticism that he is not spending enough time in his constituency of Clacton, Mr Farage’s mood shifts.
He is undeniably testy. “How much time does Keir Starmer spend in his constituency?” he shoots back, when I ask about missed budget votes while he was in the US.
I remind him he is not yet prime minister.
“I have bought a house in Clacton! What more do you want!”
Behind the scenes though, someone close to Mr Farage tells me he is struggling with the balance of being a constituency MP, leading Reform and pre-agreed (paid) commitments in the US.
“I honour the commitments, they were already there” he tells me, “I’ve taken far less on for next year”.
Nigel Farage at the Reform UK Welsh Conference at the Celtic Manor hotel in Newport. Pic: PA
After our interview, a source close to him said: “Nigel has been to Clacton more than 10 times since being elected. Has kept his promise to have a property in the constituency. Writes a weekly column for the Clacton Gazette (10 weeks in a row). And is having two further visits next week.”
Another interesting, and at times uncomfortable, part of the interview is when I ask about Donald Trump’s position on Ukraine.
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Mr Farage tells me there need to be “concessions on both sides”.
When I push on whether that means Ukrainians making territorial concessions he tells me: “I’m not playing your silly game.”
He may well be wary of the backlash he faced in the election campaign for suggesting the West “provoked” Russia’s invasion of Ukraine by expanding eastwards. He did say the war was “of course” President Putin’s fault.
But in truth it is not Mr Farage’s foreign, but his domestic policy that is what has brought people here on Friday.
The NHS, cost of living and immigration are the issues that come up again and again, and people here think the Reform leader has the answers: “He is just different,” one member says.
The Reform party clearly spots an opportunity in Wales. It won 16.9% of the vote share here, and launched its manifesto (or what it calls its “contract”) in Merthyr Tydfil.
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Despite winning no seats, they received a greater share of the vote than the Liberal Democrats and Plaid Cymru.
Mr Farage’s team tell me he could win “20-plus” seats at the Senedd elections in 2026.
The elections for the Welsh parliament are part of Reform’s masterplan, a spring board for more coverage and ultimately more power.
After the interviews he bounces up for his seat and heads out to address the conference rally. The thousand or so members here can’t contain their excitement: for all the warm up acts, they’ve come here for one man.
In the confines of the Newport conference hall, Nigel Farage is preaching to the choir. His base has always been solid, whether he can really replicate something similar to Trump’s success is a very different question.
Altcoins may see a resurgence in the second quarter of 2025 as regulations for digital assets continue to improve, according to Swiss bank Sygnum.
In its Q2 2025 investment outlook, Sygnum said the space has seen “drastically improved” regulations for crypto use cases, creating the foundations for a strong alt-sector rally for the second quarter. However, it added that “none of the positive developments have been priced in.”
In April, Bitcoin dominance reached a four-year high, signaling that crypto investors are rotating their funds into an asset perceived to be relatively safer.
But Sygnum believes regulatory developments in the US, such as President Donald Trump’s establishment of a Digital Asset Stockpile and advancing stablecoin regulations, could propel broader crypto adoption.
“We expect protocols successful in gaining user traction to outperform and Bitcoin’s dominance to decline,” Sygnum wrote.
Increased focus on economic value ignites competition
Sygnum also said that competition would increase as the market focuses on economic value. Increased competition in a market often results in better products, ultimately benefiting consumers:
“The market’s increased focus on economic value compels greater competition for user growth and revenues, with rising protocols such as Toncoin, Sui, Aptos, Sonic, or Berachain taking different approaches.”
Sygnum added that while high-performance blockchains address limitations of the Bitcoin, Ethereum and Solana blockchains, these chains find it challenging to achieve meaningful adoption and fee income.
The report highlighted that some approaches have been more sustainable. These include Berachain’s approach of incentivizing validators to provide liquidity to decentralized finance (DeFi) applications, Sonic’s rewarding developers that attract and retain users, and Toncoin’s Telegram affiliation to access one billion users.
Aside from layer-1 chains, Sygnum highlighted that layer-2 networks like Base also have potential. The report pointed out that while the memecoin frenzy on the blockchain pushed its users and revenue to new highs, it made an equally sharp decline after memecoins started losing steam.
Despite this, Sygnum noted that Base remains the layer-2 leader in metrics like daily transactions, throughput and total value locked.
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Memecoins still a leading crypto narrative in Q1
Despite recent price declines, memecoins remained a dominant crypto narrative in Q1 2025. A CoinGecko report recently highlighted that memecoins remained dominant as a crypto narrative in the first quarter of 2025. The crypto data company said memecoins had 27.1% of global investor interest, second only to artificial intelligence tokens, which had 35.7%.
While retail investors are still busy with memecoins, institutions have a different approach. Asset manager Bitwise reported on April 14 that publicly traded firms are stacking up on Bitcoin. At least twelve public companies purchased Bitcoin for the first time in Q1 2025, pushing public firm holdings to $57 billion.
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It was perhaps not quite how officials, in London at least, had envisaged the announcement of the state visit would be made.
In the Oval Office, Donald Trump revealed the news in his own way.
“I was invited by the King and the great country. They are going to do a second fest – that’s what it is. It is beautiful,” he said during an impromptu Oval Office moment.
The question was, did this “fest” – which Mr Trump suggested could happen in September – amount to the much hyped second state visit for the American president?
Or was this actually just the smaller visit that had been offered two months ago as an initial bilateral visit at which the state visit would be discussed?
Back in February, Sir Keir Starmer presented the president with a letter from King Charles and the offer of a state visit.
The letter proposed an initial meeting between the King and the president to discuss details of the state visit at either Dumfries House or Balmoral, both in Scotland, close to Mr Trump’s golf clubs.
The King wrote: “Quite apart from this presenting an opportunity to discuss a wide range of issues of mutual interest, it would also offer a valuable chance to plan a historic second state visit to the United Kingdom… As you will know this is unprecedented by a US president. That is why I would find it helpful for us to be able to discuss, together, a range of options for location and programme content.”
As he revealed the news of his “fest” with his “friend Charles”, Mr Trump said: “I think they are setting a date for September…”
Sources have since confirmed to Sky News that it will amount to the full state visit.
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Sir Keir Starmer handed Trump the invite earlier this year. Pic: Reuters
‘Even more important’
It’s possible the initial less formal presidential trip may still happen between now and September. Mr Trump is in Europe for the NATO summit in June and is due in Scotland to open a new golf course soon too.
“It is the second time it has happened to one person. The reason is we have two separate terms, and it’s an honour to be a friend of King Charles and the family, William,” the president said.
“I don’t know how it can be bigger than the last one. The last one was incredible, but they say the next one will be even more important.”
His last state visit in 2019, at the invitation of the late Queen, drew significant protests epitomised by the giant blow-up “Baby Trump” which floated over Parliament Square.
The president was hosted by the Queen in June 2019. Pic: Reuters
Britain’s trump card
September is a little earlier than had been expected for the visit. It may be an advantage for it to happen sooner rather than later, given the profoundly consequential and controversial nature of the first few months of his second term.
The decision by the British government to play its “state visit trump card” up front back in February drew some criticism.
And since February, Mr Trump’s position on numerous issues has been increasingly at odds with all of America’s allies.
On Ukraine, he has seemingly aligned himself closely with Vladimir Putin. His tariffs have caused a global economic shock. And on issues like Greenland and Canada, a member of the Commonwealth, he has generated significant diplomatic shock.
A risk worth taking
Mr Trump is as divisive among the British public as he is in America. Sir Keir is already walking a political tightrope by choosing the softly softly approach with the White House.
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The UK government chose not to retaliate against Mr Trump’s tariffs, unlike some allies. Sir Keir and his cabinet have been at pains not to be seen to criticise the president in any way as they seek to influence him on Ukraine and seek an elusive economic deal on tariffs.
On that tariff deal, despite some positive language from the US side and offers on the table, there has yet to be a breakthrough. A continuing challenge is engaging with the president for decisions and agreements only he, not his cabinet, will make.
British officials acknowledge the risk the state visit poses. In this presidency, anything could happen between now and September.
But they argue British soft power and Mr Trump’s fondness for the Royal Family and pomp – or a “fest” as he calls it – amount to vital diplomatic clout.
For a special relationship under strain, a special state visit is the tonic.
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