Former White House Chief Strategist Plans on Launching His Own Crypto
A former advisor of President Donald Trump, Steve Bannon recently said in an interview with CNBC that he owns Bitcoin (BTC). Bannon stated that he approves of bitcoin, and has plans of issuing his very own cryptocurrency. His comments were made during the Delivering Alpha conference that took place in New York where he assertively stated that: “[cryptocurrencies] are the future.”
The former White House chief strategist and investment banker previously made the claim that digital assets have the ability to disturb the traditional banking system and that he could issue the “deplorables coin.”
Bannon supposedly was inspired to give the coin its name after presidential candidate Hillary Clinton referred to Trump’s supporters as a “basket of deplorables.” He went on to say that investors should be careful when it comes to initial coin offerings (ICOs) since most of them have ended up being scams or went bankrupt.
“Too many investors get blown out by things that aren’t thought through,” said Bannon.
Not a Fan of Central Banks
Bannon has a reputation for being very critical of the traditional financial system. In March during an event in Zurich in which he was invited as a speaker, he stated that global central banks have been “breaking the rules on the rights of ordinary citizens and exploiting them for their own purposes.”
During the event, he continued to say that cryptocurrencies and blockchain technology will be vital in the process of “empower[ing] the populist movement.”
“[Cryptos and blockchain will] empower [the] movement, empower companies, [and] empower governments to get away from the central banks that debase your currency and make slave wages. We take control of the central banks away. That will give us the power again,” added Bannon.
While Bannon expressed his positive outlook on cryptocurrencies, other participants reportedly didn’t act like they shared his opinion. The reason behind this skeptical attitude could be due to the extremely volatile nature of the cryptocurrency markets and a still-developing regulatory infrastructure.