Months after falling out with President Trump, Steve Bannon now believes that cryptocurrencies have the capability to disrupt the financial sector in the same way that his former boss has disrupted American politics.
The former CEO and chief strategist of the Trump campaign is now entering the crypto market, albeit in a low-key manner. Bannon is cautious that the negative publicity that comes up with his name following the messy fall out with Trump could have a negative effect on his plans.
Mr. Bannon, according to the New York Times, is having quiet private meetings with crypto investors and hedge funds engaged in the crypto market. He is planning to work on an ICO via his investment company, Bannon & Co. In his first speech on the topic, Bannon said he was betting big on Bitcoin, having invested a large amount in the virtual coin.
Mr. Bannon, who is considered the mastermind of the Trump presidency, sees cryptocurrencies as the next phase of the financial revolution. In an interview with the Financial Times last month, he specified the disruptive potential of cryptocurrencies on the financial landscape.
At a small gathering for academics at Harvard University this spring, Bannon indicated that he was developing a new cryptocurrency called “the deplorable coin”. The name is ironic given the infamous epithet was used by Hillary Clinton to describe the half of the Trump supporters as a ‘basket of deplorables’.
Cryptocurrencies as the Next Phase of the Revolution
Bannon’s work on the crypto project is still in its early stages. There are some reports suggesting that he might be focusing on advising for entrepreneurs and even countries to create their own cryptocurrencies. He is also focusing much more on the European and Middle Eastern markets.
Bannon’s attraction to cryptocurrency is not a surprise. His rise to eminence in American politics was parallel to the rise of Bitcoin in financial world. Cryptocurrencies have many of the characteristics that drew him into Tea Party politics: 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. He described further:
Cryptocurrency wave is disruptive populism, it takes control back from central authorities. It’s revolutionary.
Bannon is not new to the financial sector either, having worked in at Goldman Sachs as an investment banker. Recently, Timothy Lewis, who manages crypto hedge fund Ikigai, said he was impressed with the depth of Bannon’s grasp on blockchain technology and the opportunities it opens up, after a meeting.
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Do you think Bannon will succeed in the crypto market as he has in other sectors where he has worked? Let us know in the comments section.