Steve Bannon is getting into cryptocurrency and has talked about creating ‘deplorable coin’



steve bannon
Steve Bannon
Moritz
Hager/Reuters



  • Steve Bannon, President Donald Trump’s former chief
    strategist, is getting into cryptocurrencies.
  • Bannon said he took a significant position in bitcoin
    and is considering creating a new cryptocurrency called
    “deplorable coin.”
  • Bannon was introduced to cryptocurrencies by Brock
    Pierce, a former child actor in the “Mighty Ducks”
    movies.

Steve Bannon wants in on the cryptocurrency
craze.

Bannon, President Donald Trump’s former chief strategist and the
former head of the far-right website Breitbart, has invested in
bitcoin and is making plans to dive into the cryptocurrency
markets according to a new
report from the New York Times
.

According to the Times’ Jeremy W.
Peters
 and Nathaniel Popper,
Bannon discussed plans with a group of academics at Harvard to
launch a new cryptocurrency called “deplorables coin,” a
reference a now-infamous comment form 2016 Democratic nominee
Hillary Clinton on the campaign trail.

Bitcoin,
the most widely-known cryptocurrency, soared to a price of nearly
$20,000 a coin in December before shedding a large amount of its
gains. As of Thursday, bitcoin was trading around $6,450 a coin
and is down over 50% on a year-to-date basis.

Bannon has discussed various ways to get into
cryptocurrencies through his investment firm Bannon &
Company, said the Times, including helping countries create their
own coins.

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“It’s disruptive populism,” Bannon said. “It takes control
back from central authorities. It’s revolutionary.”

The attraction of cryptocurrency, Bannon said, is its
ability to get around the traditional banking system and cut out
central banks that make people “slaves to debt.” While
cryptocurrencies are
growing in popularity
 among legitimate institutional
investors, the decentralized nature of transactions using the
technology
are also harder to track,
making the method popular with

drug dealers
and
the far-right
.

According to the Times, Bannon was introduced to idea by
Brock Pierce, a former actor in the “Mighty Ducks” movies, who
now runs various cryptocurrency endeavors. The pair first became
involved in 2005 when Bannon
came on to advise Pierce’s company
, Internet Gaming
Entertainment, which sold the currency used in the online game
World Of Warcraft.

Since leaving the White House and getting attacked by Trump
for his comments in Michael Wolff’s book “Fire and Fury,”

Bannon has traveled to Europe
to meet with rising far-right
populist leaders in countries like Hungary and Italy.

According to Bannon, cryptocurrencies offer burgeoning
political movements economic freedom because it weans the groups
off government-controlled currencies.

“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,” he
said.

Get the latest Bitcoin price here.>>

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