Former Trump aide and far right campaigner Steve Bannon has revealed that he is a major investor in bitcoin.
Bannon believes blockchain is the technology of the future and he told the New York Times that he has a “good stake” in bitcoin he is betting on it to give investors like himself power and influence.
“It’s disruptive populism,” Mr Bannon said. “It takes control back from central authorities. It’s revolutionary.
“It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency.”
Bannon spearheaded the unconventional campaign that won Trump the presidency and he was the White House Chief Strategist until he was fired last August after he fell out with President Trump.
Bannon is the founder of Breitbart News but he is perhaps best known for promoting a brand of libertarian and alt right politics that has brought him much condemnation from democrats and even his own republican party.
He told the New York Times about plans to create his own cryptocurrency to be known as the “Deplorable Coin” after a name that references Hillary Clinton’s dismissal of some of Trump’s supporters during the presidential campaign as “deplorables.”
Bannon said further that plans were underway to launch an Initial Coin Offering through his investment firm Bannon & Company. Adding that he was already in talks with a number of hedge fund managers.
Bannon also hailed the move by certain countries to launch their own digital coins backed by national wealth, such as one in Italy which is backed by local marble deposits.
Initial coin offerings like the one Bannon is planning have come under the heaviest of regulatory scrutiny from the SEC in recent times, with the commission sending out subpoenas to companies launching their own offerings.
And while the Exchange Commission recently issued a ruling declaring that bitcoin was sufficiently decentralized and cannot be subject to regulatory control, it said that several other digital other currencies were securities that would require government regulation. Indeed, SEC chairman Jay Clayton is of the opinion that many initial coin offerings are unregistered and illegal.