Cryptocurrencies have a big future due to the current geopolitical climate, according to Steve Bannon, former White House chief strategist.
In an interview with CNBC’s Squawk Box, he said: “I think they could play a very important part going forward particularly in this global populist revolt”.
“The central banks and actually the banking community want to get in and regulate crypto. They want to still stick to fiat currency,” he added.
When asked about Facebook’s Libra project, Bannon commented: “Facebook was principally against some of the Chinese payment systems, Alibaba, Tencent…What people have to start looking at now is how the Chinese and third world countries and sub-Sahara Africa and South Asia and potentially 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’s former boss, Donald Trump, does not share his enthusiasm for Bitcoin et al.
Last month, the US President launched into one of his infamous hissy fits on Twitter. “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behaviour, including drug trade and other illegal activity,” he said.
Libra will have little standing or dependability, he added. “If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all banking regulations, just like other banks, both national and international.”
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States dollar!” Trump concluded.