Stephen Bannon, the former chief strategist to President Donald Trump and ex-member of the arch-conservative news site Breitbart News, has decided it is time to join the cryptocurrency craze. And, apparently, he has ambitions of his own: To create what he calls a “deplorable coin”, reports the New York Times.
Stephen Bannon is confident that Bitcoin and other cryptocurrencies can disrupt the traditional banking way just like Donald Trump disrupted American politics when he was elected president in 2016. While the fact that Bannon wants to be a part of the crypto community is clear, not much is known about his concrete plans. According to the NYT, he is cautious about going into details, as he himself admits that he is quite a controversial figure and hence it could damage his ostentatious ambitions.
However, it is known that Bannon has a good stake in Bitcoin and that he is seemingly preparing for an ICO most probably for a “deplorable” coin.
“In a small gathering of academics at Harvard University this spring, he even floated the possibility of creating a new virtual currency, the “deplorables coin.” The name is a nod to Hillary Clinton’s description of Mr. Trump’s supporters as “a basket of deplorables,” says the NYT.
However, Timothy Lewis, a hedge fund manager who met with Mr. Bannon to discuss cryptocurrencies, is far more optimistic noting that Bannon is well-acquainted with the details of the technology and the challenges ahead.
The news of Bannon joining the cryptocurrency community follows the announcement that Bitcoin has bounced back.
Besides, other big shots, albeit non-political ones, including Lazard CEO, Ken Jacobs, and CEO of Saudi-based digital payment solutions company PayTabs, Abdulaziz Al Jouf, said that Bitcoin is here to stay.
BTC currently trades at $6,634.98.