Steve Bannon, US President Donald Trump’s former strategist, confirmed that he is working on his own cryptocurrency that goes by the name ‘Deplorables’. The former advisor to the POTUS displayed interest in owning his own digital coin when he spoke at the Delivering Alpha Conference in New York last month, talking about how digital currencies were ‘revolutionary’ and his own ‘good stake’ in Bitcoin.
Mr. Bannon got vocal about his plans of teaming up with the other entrepreneurs and countries opened to the idea of cryptocurrencies, and developing his own crypto coin.
Bannon was quoted as saying, “I like Bitcoin. I own Bitcoin.” His interest in cryptocurrencies was not solely of financial nature but also, he saw in them a radical potential backing his political mission. “Cryptocurrency is disruptive populism, it takes control back from central authorities”, added Bannon.
The political strategist calls his cryptocurrency, ‘Deplorables’. He first used the term in a meeting at the Harvard University earlier this year. The name traces its roots to the time when Hillary Clinton called Trump’s supporters a ‘basket of deplorables’ during the 2016 Presidential Election Campaigns.
Bannon went on to call cryptocurrencies “the future”. He pointed out that all political movements preaching about freedom are hoax unless one gets in control of one’s own currency. He was quoted as saying “Control of currency is control of everything.”
However, he also warned about the dangers of investing in the ICO’s as there have been numerous incidences of new investors losing all of their funds. Skepticism regarding investment in digital currencies is still widespread owing to the price volatility.
Speaking of Bitcoin alone, the cryptocurrency now trades at $7300 while it was priced at around $20,000 a while ago.