Ex-White House advisor and conservative firebrand Steve Bannon is “heavily” invested in Bitcoin and believes that cryptocurrency is “disruptive populism.”
Steve Bannon is emerging again into the limelight. The conservative firebrand was an advisor to Donald Trump’s successful campaign for the US presidency, but he was ousted later on after a book detailed some disparaging remarks he made about the president’s son and other individuals. Now he’s actively involved in the cryptocurrency movement.
‘Good Stake’ in Bitcoin
Steve Bannon is excited about the potential of cryptocurrency. The disruptive nature of virtual currency to current centralized banking systems dovetails nicely with his libertarian beliefs.
In an interview with the New York Times, he said:
It’s disruptive populism. It takes control back from central authorities. It’s revolutionary.
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.
Over the last year, Bannon has met with many crypto enthusiasts and thinkers, with many meetings held at his home. He admitted to the NYT that he has a “good stake” in Bitcoin and is looking to launch additional cryptocurrencies around the world.
‘Deplorables’ Crypto?
Bannon has talked about creating a virtual currency called the “deplorables coin,” based upon the snide moniker used by Hillary Clinton to describe Trump supporters during the presidential campaign. However, Bannon is keeping a low profile in working with ICOs in order to not draw fire to their projects from mainstream media sources.
Media outlets are using Bannon’s interest in cryptocurrency to once again play up the usual FUD. They remark upon how far-right extremist and nationalist groups have embraced cryptocurrency, as well as other (supposed) criminal affiliations.
One such FUD thrower is Julia Ebner, a researcher for Strategic Dialogue, a left-wing advocacy group. She says:
Neo-Nazis, identitarians and jihadists aren’t short of incentives to invest. They share the anti-establishment sentiment with the libertarians, the desire to make quick money with the speculators, and the need to find alternative transaction routes with the criminals.
The reality is that cryptocurrency is neither good or bad in of itself, just like any other tool. It all depends upon how an individual uses it. However, cryptocurrency does allow people to take far greater control of their economic destiny than is currently allowed by centralized financial and political institutions.
Whether you agree with the politics of Steve Bannon or not, there is no denying that Bitcoin and other cryptocurrencies are examples of “disruptive populism.” To many individuals, that sentiment is not a bad thing at all.
What do you think of Steve Bannon getting involved in the cryptocurrency sphere? Let us know in the comments below.
Images courtesy of Shutterstock and Flickr/@Gage Skidmore.