President Trump’s Chief Strategist, Stephen Bannon Buys Bitcoin

Stephen K. Bannon former chief strategist to US President Donald Trump, said in an interview that he was interested in cryptocurrencies and he is planning to enter the market. Mr. Bannon is the co-founder of Breitbart News, as well, and has been following the crypto market very closely.

Mr. Bannon won’t reveal very much about his cryptocurrency plans, he worries that the controversy that comes with his name could have a bad impact on projects just getting off the ground.

But in a small gathering of academics at Harvard University this spring, he even floated the possibility of creating a new virtual currency, the “deplorables coin.” The name is a nod to Hillary Clinton’s description of Trump’s supporters as “a basket of deplorables.”

Mr. Bannon has an important amount of Bitcoin saved and had been working with Trump’s administration until August 2017. Bannon is also very excited about countries issuing their own cryptocurrencies. During the interview he said:

“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.”

But he has had private meetings with cryptocurrency investors and hedge funds where he has discussed working on so-called initial coin offerings through his investment business, Bannon & Company. And in his first interview on the topic, he said he had a “good stake” in Bitcoin.

Bannon also might not like the fact that bitcoin’s price is said to be controlled by China because it has the most miners of the cryptocurrency and is home to some of the largest crypto exchanges.

Read More: Ripple CEO Passes Another Comment on Bitcoin, Says China Controls Bitcoin

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