The former Trump-man believes that Bitcoin has the power to disrupt banking in a similar style to Trump’s accession to the top of American politics.
Seen around the scene
Bannon has been coy with his level of Bitcoin involvement, not revealing his own investment or level of participation in cryptocurrencies. But he has stated that he has a ‘good stake’ in it, and has suggested creating other cryptocurrencies before.
Bannon has been spotted having private meetings with cryptocurrency investors, and hedge funds, trying to work out ways in which his investment business, Bannon & Company can work with digital currencies and even ICOs.
In a small gathering, at Harvard University, Bannon even mentioned the possibility of creating a new virtual currency, according to the New York Times - the “deplorables coin.” The name is a nod to Hillary Clinton’s description of Trump’s supporters as “a basket of deplorables.”
Bannon is apparently delving further and further into the cryptocurrency space, especially seeing as his time has been freed up since leaving Politics and his Media work. The word is that the powerful conversative is looking to use decentralized currencies to help entrepreneurs and even other countries, who want to build their own cryptocurrencies.
“It’s disruptive populism,” Mr. Bannon said in the interview. “It takes control back from central authorities. It’s revolutionary.”
Against the grain
It is interesting to see someone of Bannon’s stature buying into a system like Bitcoin, with its decentralization of power and libertarian ideals. Bannon has always been known as ultra-conservative, but still believes that there is something in the future for such a de-control system of finance.
He sounds like both an avowed libertarian who wants government out of his life and a progressive who wants Wall Street held to account when he insists that virtual currencies can help citizens take back power from the central banks.