Media executive, political figure and President Donald Trump’s ex-advisor and influence during the former’s winning election, Steve Bannon does not agree with the claims made by the president in regard to cryptocurrencies reports CNBC.
Bannon explicitly told CNBC that “Cryptocurrencies have a big future,” adding that the digital assets could play a significant role in “this global populist revolt.” Said claims are solely based on Bannon’s experience, as he too is deemed a proud Bitcoin [BTC] hodler.
According to the claims made, the president popularly known for his presence on Twitter tweeted out that he’s not a fan of BTC nor any other cryptocurrencies, which was expressed upon the reveal of Libra. The reason for such a sentiment, according to Trump, rests in the simple fact that he does not see crypto as money, adding that its
“value is highly volatile and based on thin air.”
He also went as far as stating that
“unregulated crypto-assets can facilitate unlawful behavior.”
Bannon does not seem fazed by the statements as he finds most governments and banks typically prefer to stick to fiat currency, which is backed by control.
Trump seems to shut down any possible success that Libra can attain because he feels it
“will have little standing or dependability.”
In order to properly establish an entity as a bank, the president mentioned that Facebook should instead retort to seeking assistance from a banking charter.
Bannon thinks that Libra is a threat to China and other countries because of the latter’s current expertise in payment apps, adding that third countries are trying to establish payment systems that will get them
“off the reserve currency of the dollar.”