Former Trump staffer, Steve Bannon, and head of conservative news site Breitbart, stated that,
“with the current geopolitical atmosphere, cryptocurrencies have a big future”
Bannon added that, “In this global populist revolt particularly, i think they could be a very important part going forward,”
Cryptocurrencies shows a meaningful alternative to fiat-based investments as the Federal reserve's monetary policy has been too tight and rigid , Bannon said
When asked about Facebook’s digital currency project Libra, Bannon said Libra will not find friends in the banking community when the issue of Facebook Libra project was mentioned to him.
Speaking further, he mentioned " the central banks and Infact the banking community trying to get in and regulate crypto with the intention to still stick to fiat currency,” he said on CNBC’s Squawk Box.
Alternative payment rails like Libra presents a challenge to the dollar’s reserve currency status.
“Initially , it was thought that Facebook was principally against some of the Chinese, Alibaba, Tencent, payment systems. what people have to confront now and what people should be concerned with is how to start looking at the Chinese and third world countries and sub-Sahara Africa and South Asia and I think also potentially in Latin America are starting to put these payment systems in that will try and give them global dominance and get off the reserve currency of the dollar.”
Bannon has been with crypto world and therefore he is no foreigner to cryptocurrency markets. He got involved with others such as, Bannon’s firm Bannon & Company floated the idea of launching multiple initial coin offerings.
Credit: William Foxley
Published at: 2 days ago
Published at: 2 weeks ago