Steve Bannon, a founding member of Breitbart News and former Chief Strategist for U.S. President Donald Trump’s administration, contradicted President Trump with his remarks regarding Bitcoin and cryptocurrencies in general.
Not too long ago, President Donald Trump sent out a string of tweets bashing Bitcoin and other cryptocurrencies for their volatility and uncertain nature in the market. Bannon has always been considered an important ally and adviser of Trump. His remarks come as a surprise to many since they are in direct conflict with the message that the president put out.
Bannon argued that Bitcoin, the leading digital currency, could be a very important part in “this global populist revolt.” Bannon went on to say that cryptocurrencies and blockchain will help governments and companies get away from central banks that debase your currency and make slave wages. Financial institutions have long been an enemy of cryptocurrencies. Some serious efforts and money have been spent to undermine and hold back the growth of cryptocurrencies by said financial institutions and banks.
Libra More a Threat to Mobile Payment Systems Than to Bitcoin
When asked about Facebook’s cryptocurrency Libra, Bannon was of the view that it would not find friends in the banking community. He stressed that while the banking community wants in on the crypto market and even to regulate it, they will want to stick to fiat currency.
He also said that Libra is more of a threat to mobile payments systems already in place as compared to traditional cryptocurrencies like Bitcoin. He pinned Alipay from Alibaba and WeChat Pay from Tencent. Both of these Chinese companies could be facing great competition from Libra as the major global mobile payment system.
Bannon also warned that the US must keep an eye on global markets as countries across the world are implementing their payment systems through the use of blockchain and cryptocurrencies. This trend is a threat to the US dollar’s monopoly over the world economy as the reserve currency.
Bannon has been a supporter of a crypto powered future for a while now. In June, he held meetings with crypto investors and hedge fund managers. The purpose of the meetings was to mull over the possibility of issuing an initial coin offering through his investment firm, Bannon & Company.