Controversial political figure and former advisor to U.S. President Donald Trump has split with his former boss when it comes to Bitcoin and crypto, explaining that the nascent technologies have a big future despite the multitude of government officials who have taken hardline stances against the technology.
As for why he is a believer in Bitcoin and crypto, Bannon explained in a recent interview that he believes that the markets will only grow bigger as the world shifts towards being more populist-based, and less centralized.
Bannon: It Takes Foresight to Buy Crypto During Market Turmoil
It’s no secret that Bitcoin and the cryptocurrency markets have been facing a significant amount of turmoil over the past year and a half, with many altcoins still trading down 80-90% from their all-time-highs, while Bitcoin is trading down just under 50% from its highs that were set in 2017.
This downwards pressure appears to have lightened up over the past several months, and some analysts believe that the bear market will begin reversing in the months ahead.
While speaking to CNBC in a recent interview, Bannon explained that he purchased Bitcoin as it was dropping, explaining that it takes “foresight” to make investments during tumultuous market conditions.
“[I had] enough foresight, enough courage to buy as it went all the way down,” he said.
Bannon, who played a large role in helping President Trump win the 2016 election, is splitting from his former boss on this topic, as the President has previously noted that he is “not a big fan” of cryptocurrency, further adding that he believes that it is primarily used for crime.
Popularity of Cryptocurrencies Emblematic of Global Populist Revolt, Claims Bannon
Furthermore, Bannon also explained that it is natural for governments and central banks to want to restrain and regulate cryptocurrencies, as it is in their best interests to foster the use of fiat currencies.
As to what is driving the popularity of cryptocurrencies, Bannon explained that he believes that the world is going through what he describes as a “populist revolt,” which is why he believes that crypto has a bright future.
“Cryptocurrencies have a big future… They could be a very important part going forward, particularly in this global populist revolt,” he explained.
Although it still remains unclear as to just how aggressively the US government will regulate the crypto markets in the near-future, it is highly probable that the market’s health will be greatly impacted by what measures regulators take.