Bitcoin and other cryptocurrencies can make the same earthquake to the banking system like Trump to US politics, Bannon claims.
Steve Bannon, the key figure behind Donald Trump's successful presidential campaign and a former White House Chief Strategist, has turned his attention to cryptocurrency and Initial Coin Offerings (ICOs), including a possible release of his own “deplorables” coin, Bannon told the New York Times on Thursday, betting that Bitcoin and other cryptocurrencies could disrupt the banking system as Trump did with the US political scene.
Bannon, a former executive chairman of the right-wing news site Breitbart, does not want to reveal much about his possible own cryptocurrency because of the negative associations with his name. In a discussion with academics at Harvard University this spring, he mulled the idea of own “deplorables coin”. “A basket of deplorables” is how Trump supporters called his main opponent Hilary Clinton.
“Disruptive populism”
A self-described “economic nationalist”, Bannon sees cryptocurrencies as part of his political legacy because their decentralized technology can dramatically change the financial system. Developed by using the distributed ledger technology of blockchain, digital coins are out of central control that is typical for fiat money.
“It’s disruptive populism. It takes control back from central authorities. It’s revolutionary,” Bannon told the New York Times from his house, known as Breitbart Embassy.
Bannon revealed that he had a “good stake” in Bitcoin (BTC) and has made several discussions with cryptocurrency investors and hedge funds, focused on ICOs. The former Trump aide also eyes working with countries that want to issue own digital coins.
“It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency,” Bannon said.
Bannon served as a chief executive officer of presidential Trump's campaign. Another key player in Trump presidential race, the now-closed Cambridge Analytica consultancy company, has also eyed crypto world. It planned an ICO and own cryptocurrency that was shelved because of the Facebook data breach scandal.
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