Stephen Bannon, the previous chief strategist to President Donald Trump, believes that the cryptocurrency industry has potential to disrupt the banking sector.
Bannon has not revealed much information concerning his cryptocurrency plans and strategies. However, The New York Times reported that he had several private meetings with hedge funds and cryptocurrency investors through his business called Bannon & Company.
He has mentioned the possibility of creating a “deplorables coin,” which is a term that initially came from Hillary Clinton as she described Trump supporters as “a basket of deplorables.”
While Bannon’s work in the cryptocurrency industry is in its early stages, he has a great interest in assisting entrepreneurs and countries engrossed in creating their own cryptocurrency token.
The New York Times noted that it’s not shocking for Bannon to enter the industry. They compared the characteristics of cryptocurrencies to Bannon’s Tea Party politics and how “they break old rules, they exist on the periphery, and they pose a challenge to the powerful figures and institutions that have long called the shots.”
Bannon also mentioned in the interview that cryptocurrencies are a form of “disruptive populism…[and can take] control back from central authorities. It’s revolutionary.”
Control of the Currency Is Control of Everything
While Bannon may not return to politics anytime soon, he sees a strong relationship between cryptocurrencies and politics.
“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’s belief in cryptocurrencies reflects his unorthodox ideas. He appears like an avowed libertarian who is eager to push the Government from his life. Yet, at the same time, he is a progressive who wants to hold Wall Street accountable for their actions.
Bannon also believes the cryptocurrency industry has the potential to usher in a new movement. The decentralized nature of cryptocurrency can potentially help everyday people regain power from the Central banks that cause people to become “slaves to debt.”
According to The Guardian, his positive outlook on cryptocurrencies are a large result of the effects of the financial crisis in 2008. His father has lost almost all of his savings. He noted that while the American government had provided bail to the banks, most of the people lost their life savings.
Bannon told CNBC:
“I don’t believe we should have a bailout. I think the bailouts in 2008 were wrong. And I think, you look in hindsight, it was a lot of misinformation that was presented about the bailouts of the banks in the West.”
Bannon Appears Very Knowledgeable of the Cryptocurrency
Timothy Lewis, the co-founder of Ikigai hedge fund who spoke to Bannon about cryptocurrencies last month, was impressed with Bannon’s sheer knowledge of the emerging technology.
“I didn’t know what to expect going in, but he had clearly done his homework.”
Lewis mentioned that he and Bannon spoke about regulations concerning cryptocurrencies and ICOs that recently raised a substantial amount. In terms of the cryptocurrency sector, Bannon showed extreme interest and curiosity when it came to cryptocurrencies linked to national wealth.