Cryptocurrency Will Take Power Away from Central Banks: Ex Trump Aide Steve Bannon
Steve Bannon has made comments putting him firmly behind cryptocurrencies.
He made the statements during a talk in Zurich, Switzerland, speaking to cryptocurrencies as an anti-establishment tool to «take power back from the central banks». According to Bannon, the centralized control and continuous deflation of fiat currencies is a form of slavery, keeping citizens spinning on the wheel. The audience was told that «central banks are in the business of debasing your money», and he suggested cryptocurrencies as a means to challenge them. Because banks cannot control them, Bannon described cryptocurrencies as the heart of the anti-establishment movement, empowering citizens, companies, and governments alike.
Cryptocurrencies were described as a way to escape from the bank's management of fiat currencies, but Bannon also identified the centralized control of data as a massive issue. Whilst Bannon was less clear here, it appears that he understood the potential of decentralized blockchain technology to put data back in the hands of people.
He understands the financial system well, and repeated the mantra that was drilled into him and others every single day: «increase shareholder value». His comments come as a part of his ardently anti-establishment political stance.
Whilst some will embrace Bannon's acceptance of cryptocurrency, others in the area won't be best pleased. Bannon's political position is firmly nationalist and considerably right-wing, which flies in the face of many who support cryptocurrency as liberal and global movement seeking to overcome national boundaries. He co-founded Breitbart news, a right-wing publication, and is highly vocal about reducing immigration and strengthening national boundaries.
The well-known figure is no stranger to virtual currency, with it being reported last year that he had spent $60 million on World of Warcraft currency. He made the move to make easy cash gold-farming — fostering accounts with skills and levels. No information has been provided regarding Bannon's ownership of cryptocurrencies or what particular projects the figure supports.
Whether you agree with Bannon's political views, he's a well-observed public figure, and his comments will likely draw further attention to cryptocurrencies and blockchain technology.