Stephen Bannon, who worked as a Chief Strategist to President Trump for a period of 10 months, is planning to enter into cryptocurrencies as he believes that digital assets can disrupt banking in the same manner Trump brought fresh air in American politics.
However, Bannon is not willing to share his cryptocurrency plans as he feels the controversies surrounding his name could negatively affect the projects which are beginning to take shape.
Bannon had meetings with cryptocurrency investors and hedge funds regarding his own initial coin offerings through his firm, Bannon & Company. In his interview with New York times, he mentioned that he had a “good stake” in Bitcoin.
Last spring, in a small but influential gathering of academics at Harvard University, he floated the idea of creating a new cryptocurrency called as “the deplorables coin.” Ironically, the proposed name for the coin makes one reminded of Hillary Clinton’s comment of Trump’s supporters as “a basket of deplorables.”
While giving an interview at the Capitol Hill townhouse in Washington, Bannon commented the following about cryptocurrencies “It takes control back from central authorities. It’s revolutionary.” Bannon also emphasizes that virtual currencies can assist citizens get back power from the central banks that make citizens “slaves to debt.”
Bannon’s interest in the creation of new cryptocurrency puts him in the scam-filled part of the cryptocurrency business. Several unknown companies have raised millions through ICOs, which enable them to bypass regulators and underwriters and reach straight to investors. This has resulted in several scams and authorities across the globe have started to crack down.
However, of late, the cryptocurrencies have caught the attention of mainstream financial firms. Bannon’s erstwhile employer, Goldman Sachs, has recently started its Bitcoin trading operation. Likewise, the parent company of the New York Stock Exchange is looking at the option of opening an exchange for digital assets.
These companies are looking at cryptocurrencies from the commercial point of view. However, Bannon is looking at the political roots of the cryptocurrency. Bannon said “Control of the currency is control of everything.”
Hedge fund manager, Timothy Lewis, who met Bannon was clearly impressed with the in-depth knowledge of the latter about cryptocurrencies. Bannon is mainly interested in assisting countries with the creation of coins tied to national wealth. Only time will tell whether he is successful or ends up creating another controversy.