Ex Advisor to Donald Trump, Steve Bannon Considers Making His Own Cryptocurrency

Former Chief Strategist for U.S. President Donald Trump’s administration, Steven Bannon recently confirmed his plans to develop his own cryptocurrency. During an interview at the Delivering Alpha conference in New York, presented by CNBC and Institutional Investor, Bannon also disclosed that he is a supporter of Bitcoin and he also owns the cryptocurrency.

However, Bannon did not specify on the quantity of Bitcoins he holds. While talking about the new crypto project, Bannon said: “We are working on some tokens now, utility tokens, potentially for the populist movement on a worldwide basis. But they have to be quality.”

The new cryptocurrency created by Bannon will be called as “deplorables" coin. Bannon said that “they are the future”. During the 2016 Presidential elections in the U.S, Hillary Clinton has called Trump supporters as a “basket of deplorables” after which we all know that President Trump came to power later that year.

While talking more broadly on the cryptocurrency space, Bannon said: "I think these cryptocurrencies have a huge aspect in the future. Obviously, there's problems in the markets, problems about what it's used for.”

However, he outright criticized ICOs saying that most of them have been disasters. "Too many investors get blown out by things that aren't thought through," he said.

The latest offering from Bannon comes at a time when the cryptocurrency markets have been facing a tough time and swept with regulations from all over the globe. However, being a member of the Trump administration in the past Bannon would surely know the drill of entering the crypto space.