Steve Bannon Enters Crypto Market, Calls Bitcoin Disruptive Populism And Revolutionary

Steve Bannon, Donald Trump’s former chief strategist and former chairman of Breitbart news has entered the Crypto markets and is betting on Bitcoin and other Cryptocurrencies. He called Bitcoin “Disruptive Populism” and also believes that it is revolutionary.

Steve Bannon is an Alt-right figurehead who served in the Trumps administration for 7 months after which he returned to Breitbart news (of which he is a founding member) where he cut ties with them in January this year.

New York Times reported that Steve is betting on Bitcoin and other Cryptocurrencies and is also in talks with Crypto hedge funds and investors to work on Initial coin offerings (ICO’s) through his investment business. According to the report Bannon also plans to launch a Cryptocurrency called  “the deplorable coin”, which is ironic given that Hilary Clinton used the word to describe the Trump supporters.

The report suggests that Bannon is betting big on Bitcoin and that he has a good stake in it. He called Bitcoin as “Disruptive Populism” and believes that it has the potential to take control back from authorities making it Revolutionary.

He said:

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

His projects are said to be in early stages and he is not very vocal about it to avoid controversies. He is interested in helping Entrepreneurs and countries create their own Cryptocurrencies.

His connection to the Crypto world is through Brock Pierce who has been in the tram of EOS which raised over $4 Billion in ICO. They worked together for a gaming company called Internet Gaming Company which involved collecting and selling Virtual gold.

His involvement in Cryptocurrencies has also caused a worry in some business people in the space due to his controversial background. He has previously worked for Goldman Sachs as an investment banker, Goldman recently announced that they will be creating a Bitcoin trading operation. Other prominent giants like the NYSE and Nasdaq are also planning to launch their own Crypto trading platforms.

Source: New York Times

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