Former Advisor of Trump, Steve Bannon Is Developing a Cryptocurrency

Steve Bannon, a former chief strategist who served for Donald Trump, U.S. President during his first year of the presidential administration, confirmed this week about making and launching a Cryptocurrency of his own. Although he will no longer form part of the U.S. government, it is still possible for him to make an impact on the world with Cryptocurrencies.

Aiming to hit a populist movement, they are now working on tokens, hoping to go far with this project. The reason behind it is that, right now, almost everyone thinks that Cryptocurrencies and blockchain technology will bring “true freedom”.

Steve Bannon Supported Cryptocurrencies For A Long Time

Although Bannon hinted the idea of making his Cryptocurrency for the first time in June, his interest for Cryptocurrency goes back to 2016. There were already many occasions where the investment banker and populist icon expressed his support for Cryptocurrencies and how he seemed hesitant about revealing many details of his Cryptocurrency plans.

One of the main reasons to show support on Cryptocurrency for Bannon is the idea of Crypto-based currencies taking power away from central banks and promoting the concept of “disruptive populism.”

Bannon has already stated about how he thinks about Cryptocurrencies, ensuring his support to Bitcoin and even owning some of it. Cryptocurrencies “are the future”, he said.

Steve Bannon’s Cryptocurrency

Despite all the support Bannon gives to Bitcoin, he is also working on a project developing a variety of utility tokens. It was created with the idea to further the global populist movement.

Sadly, Steve Bannon didn’t dive into further details about his Cryptocurrency projects more than talking about the initial idea of his tokens and how would they support the populist movement that is not already met by Bitcoin or any other blockchain-based currencies.

In the past, Bannon did talk about naming any future token of his creation the “deplorable coin”. He referred to the term used by former Secretary of State and presidential candidate Hillary Clinton when she said during the 2016 U.S. presidential campaign how Trump supporters were “a basket of deplorable.”

Bannon gave no details about his plans of holding or not an initial coin offering (ICO) to distribute his token(s). He stated he aimed first to hit at the quality of the overall token sale industry.

Since a lot of investors suffer from plans and technologies that haven’t been given enough thought, Bannon plans to think of all the opportunities presented by this project.

The idea is to avoid forming part of the “percentage of ICOs that have been a disaster”.

The Future Of Cryptocurrency In The U.S.

After hearing about this news, many users may end up wondering about the current situation of Cryptocurrencies in the U.S.

The House Financial Services Committee gathered this week to talk about the current situation and the future of Cryptocurrency in the U.S. At the meeting, they said that Cryptocurrencies aren’t big enough to present any risk to U.S. financial stability at this time.