Steve Bannon Getting Into Crypto; May Create ‘Deplorables Coin’
Steve Bannon is bitcoin’s latest fan. After being introduced to crypto by The Mighty Ducks actor and tech entrepreneur Brock Pierce, the former chief strategist to President Donald Trump says he’s on a mission to back bitcoin and perhaps start his own cryptocurrency, which he’s calling “deplorables coin.”
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The name of the currency derives from a term Hillary Clinton used during her 2016 presidential campaign to refer to those who were pledging support and allegiance to Donald Trump. Bannon is now discussing his plans with a group of Harvard developers and academics to see about adding the currency to the consistently growing virtual asset market.
Bannon Likes Disruptors
While discussing cryptocurrencies, Bannon states he isn’t just interested in them for financial reasons. He sees them as a way for garnering financial independence and creating a few government halts along the way. He’s also particularly interested in the way they can help countries create their own currencies and cut out central banks, which he says make people “slaves to debt.”
“It’s disruptive populism,” he stated in a recent interview. “It takes control back from central authorities. It was obvious to me that unless you somehow got control over your currency, all these political movements were going to be beholden to who controlled the currency. Control of the currency means control of everything.”
Interestingly, this is not Bannon’s first venture into the cryptocurrency arena. He first became involved back in 2005, when he served as an advisor to Brock Pierce’s company Internet Gaming Entertainment, which sold the currency used in the online game World of Warcraft.
Naturally, this time is a little different, but the general concept is the same – selling and using a digital asset that can somehow serve as a replacement to fiat in one way or another.
Since leaving the White House, Bannon has traveled to Europe and visited countries like Italy and Hungary, speaking with populist leaders and discovering how cryptocurrencies can offer financial freedom.
Spreading the Word on Crypto
In Zurich last March, Bannon also gave a speech about cryptocurrencies and blockchain technology. He ultimately declared that the blockchain could “empower [the populist] movement, empower companies, [and] empower governments to get away from central banks that debase currency and makes slave wages.”
In addition, he mentioned he has a “good stake” in bitcoin, though he refused to clarify just how big that stake really is.
Does Bannon’s coin sound like a good idea? Post your comments below.
Images via New Republic, Mother Jones