Outspoken former advisor to President Donald Trump, Steve Bannon speaking to CNBC Squawk Box, declared his support for Bitcoin (BTC) and other cryptos.
The former White House Chief Strategist said of Bitcoin:
“I would like to say I had enough foresight and enough courage to buy as it went all the way down.I think cryptocurrencies have a big future, I think they could be a very important part going forward particularly in this global populist revolt.”
Steve Bannon
In what was very much a reiteration of his speech in Zurich earlier this year, Bannon added that he expects developing nations to make more use of cryptocurrencies in order to break the dependence upon the USD. Bannon said:
“I happen to think that Facebook was principally against some of the Chinese Alibaba, Tencent, etc. — these payment systems. I think that what people have to confront now, and people have started looking at is how the Chinese and third world countries — in Sub-Saharan Africa, in South Asia, and I think potentially in Latin America — are starting to put these payment systems in. They are going to kind of give them — try to give them global dominance and be able to get off the reserve currency of the dollar.”
Steve Bannon, CNBC
Bannon BTFD Bitcoin in 2018
Steve Bannon is on record saying that in 2018, when prices declined from the $20k high of December 2017, Bannon BTFD (Urban dictionary for ‘Bought The Fuck Down’.
The controversial strategist boasted that he had the “courage” and “foresight” to buy the Daddy of All Cryptocurrencies as it fell to 2018 low of $3100.
Today, BTC/USD stands at $10,834.00, up 4.19% on the day at the time of writing, but struggling to break out from the $10,000 – $11,000 range. The recent failure to break out of the trading range has left many crypto investors and enthusiasts to ask what is is next for Bitcoin (BTC)? Many analysts have been predicting a spike above the $20k in 2020, but talk of price manipulation has put that in doubt, with a large number of investors cashing out after the recent gains.
