Steve Bannon - one of the most controversial names in American politics in recent memory is no stranger to making news - for his recent interest in cryptocurrencies. However, ever since he was fired from the Trump White House as well as from Breitbart News, Bannon has frequently been commenting on cryptocurrencies and the blockchain technology. Bannon has today revealed that he wants to launch his own cryptocurrency soon - which would be a utility token.
Bannon commented during a speech at the Delivering Alpha conference that this token would be used for populist movements across the world. He commented:
“We are working on some tokens now, utility tokens, potentially for the populist movement on a worldwide basis. But they have to be quality.”
Bannon’s cryptocurrency ambitions are no secret. The former Trump-aide backed cryptocurrencies last month when he said that they are a revolutionary and disruptive technology. In the past, Steve Bannon has also said that cryptocurrencies are a good tool to fight against the “European Establishment”. Even then, it was known that Bannon would be entering into the cryptocurrencies and ICO markets in the near future. However, he has officially confirmed this today at the Delivering Alpha conference.
Bannon refrained from providing more explanations about his what his plans were with this upcoming utility token as well as the possible kinds of movements that the project would be funding. Moreover, it is yet to be known what separates his cryptocurrency from others such as Bitcoin which can also be used to assist populist movements.
In addition to this, Bannon also commented on Initial Coin Offerings, claiming that most ICOs are a disaster and that investors tend to suffer from poorly planned ICOs. Bannon said:
“Ninety percent of the ICOs have been a disaster. Too many investors get blown out by things that aren’t thought through.”
While details on Steve Bannon’s populist movement oriented cryptocurrencies are yet to come out, what we hope is that Bannon does not actually call these utility tokens as “Deplorables Coin” - an idea that he had proposed as a jibe to Hillary Clinton, who had once said that Trump supporters are ‘a basket of deplorables.’
Even in his previous interviews, Bannon had given hints about this project when he said what cryptocurrencies mean to him. In a CNBC interview in June, Bannon had said that cryptocurrencies are money and money is power. It is perhaps on these lines that the concept of this utility token has been designed.
“It was pretty obvious to me that unless you somehow got control over your currency, all these political movements were going to be beholden to who controlled the currency. Control of the currency is control of everything.”
While only limited details about this project are known so far, it would be interesting to hear the final announcement, as and when it comes. Stay tuned with us at Cryptoground for more updates from the world of cryptocurrencies.
