Steve Bannon, former chief adviser to US President Donald Trump, an American media executive and the former executive chairman of Breitbart News has said that he is building a cryptocurrency. Speaking to CNBC, the former Trump adviser said that
They’re the future. He also added that we’re working on some tokens now, utility tokens, potentially, for the populist movement on a worldwide basis.
He also warned about initial coin offerings that almost 90 percent of the ICOs have been a disaster.
“Too many investors get blown out by things that aren’t thought through. I like bitcoin. I own bitcoin.
The name of his cryptocurrency is “deplorables coin.” The name is deplorables coin because Hillary Clinton famously called Trump’s supporters a “basket of deplorables” during the 2016 presidential campaign.
Steve Bannon is not the first White House person to speak about cryptocurrency. Few months ago, Former Goldman Sachs president and free trade advocate Gary Cohn, who worked as a White House’s chief economic adviser had openly stated his opinions about Bitcoin and cryptocurrency. He had said that,
I do think we will have a global cryptocurrency at some point…[however], it will be a more easily understood cryptocurrency that will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created and how it moves and how people can use it.
Cohn had also said that the ideal cryptocurrency will not consume insanely high levels of power and electricity as it will not be “based on mining costs and costs of electricity and things like that,” a constraint that Bitcoin currently faces due to its complicated Proof-of-Work procedures.
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