Monday, December 16, 2019

Stephen Bannon Reveals his Stance On Cryptocurrency

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

Stephen Bannon, co-founder of Breitbart News has revealed that he is a cryptocurrency enthusiast and that he plans to delve into the digital currency market by venturing and investing in cryptocurrency. The Former chief strategist to the current President of United States of America Donald Trump made this known amid an interview with The New York Times. Bannon also expressed his confidence that Bitcoin and other cryptocurrencies can disrupt the banking sector just like Donald Trump disrupted politics in America.

Bannon, who served under Donald Trump’s administration until August 2017, expressed his delight in the prospect of countries issuing their cryptocurrencies based on their national wealth citing a digital currency that was backed by the Italian marble deposits as an example. He stated that:

 “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.”

As expected, Mr. Bannon refused to say much about his plans to invest in digital currencies; this is because he feels that the controversy surrounding his name might have a negative impact on the potential project and its future achievement. However, he has held private meetings with cryptocurrency investors, specialists, marketers and hedge funds where he discussed starting an Initial Coin offering (ICO) by utilizing his business investment named Bannon and company. It should be noted that Bannon once hinted a possibility of creating a new virtual currency called “deplorables coin.” It appears that the name was an attempt to get at Hilary Clinton after she called Donald Trump’s supporters and fans a “basket of deplorables” during her political campaign in the USA.

Mr. Bannon also revealed that he had a “good stake” in bitcoin and shared that he believes that Cryptocurrency can revive the power that the Central Bank has also deprived citizens of by demeaning the currency and making citizens “slaves to debts.” During an interview at Capitol Hill townhouse in Washington, he insisted that “Control of the currency is control of everything,” Mr. Bannon also added that. “It’s disruptive populism. It takes control back from central authorities. It’s revolutionary.”

Considering the manner at which he left the White House because of the critical comments he made about Donald Trump Jr. and his colleagues in Michael Wolff’s book “Fire and Fury,” Mr. Bannon did not talk about the possibility of returning to Politics in the future.  “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.” Although his decision to launch an Initial Coin Offering thereby creating a new digital token would undoubtedly draw attention and negative comments from various sources, he doesn’t appear to be bothered by all these. Other causes he has taken on have turned out to be successful despite little or no expectations at the beginning.

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