Global politics signal big future for cryptocurrency

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Support for cryptocurrency can come from the strangest places. Love him or hate him, Trump’s former adviser, Steve Bannon, has said cryptocurrencies “have a big future” due to the current geopolitical atmosphere, according to Coindesk.

Bannon calls the current geopolitical situation a “global populist revolt,” adding support for Trump’s view that “the Federal Reserve’s monetary policy has been too tight and that cryptocurrencies present a meaningful alternative to fiat-based investments.”

He also told CNBC’s Squawk Box, “The central banks and actually the banking community want to get in and regulate crypto. They want to still stick to fiat currency.”

Needless to say, he had some comments to make about Facebook’s Libra, which he said was no friend of the banks and challenges the US dollars position as a reserve currency: “I happen to think that Facebook was principally was against some of the Chinese, Alibaba, Tencent, these payment systems. . . what people have to confront now, [what] people have to start looking at now is how the Chinese and third world countries and sub-Sahara Africa and South Asia and I think 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.”

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