US President Donald Trump’s former advisor Steve Bannon recently told CNBC that he holds Bitcoin (BTC). Bannon revealed he likes bitcoin, and is planning to launch his own cryptocurrency. His comments came during the Delivering Alpha conference held in New York where he confidently said, “[cryptocurrencies] are the future.”
Previously, the former White House chief strategist and investment banker claimed that digital currencies have the potential to disrupt the traditional banking system and that he could create the “deplorables coin.”
Bannon reportedly got the idea after presidential candidate Hillary Clinton referred to Trump’s supporters as a “basket of deplorables.” On a more serious note, the American media executive warned against investing in initial coin offerings (ICOs) since most of them have turned out to be a disaster. He said:
Too many investors get blown out by things that aren't thought through.
Critical Of Central Banks
Bannon is known for being critical of the traditional financial system. In March, while speaking at an event in Zurich, he said the world’s central banks have been “breaking the rules on the rights of ordinary citizens and exploiting them for their own purposes.”
At the time he added that cryptocurrencies and blockchain technology will be instrumental in “empower[ing] the populist movement.” Bannon added:
[Cryptos and blockchain will] empower [the] movement, empower companies, [and] empower governments to get away from the central banks that debase your currency and make slave wages. We take control of the central banks away. That will give us the power again.”
While Bannon was mostly positive on cryptocurrencies, other attendees were reportedly quite skeptical. This could be because of the extremely volatile cryptocurrency markets, as bitcoin fell from an all-time high of nearly $20,000 in mid-December to about $7,400 at press time.