Former White House Chief Strategist Stephen Bannon Plans to Enter Crypto Market

“Control of currency is control of everything.” This is what former White House chief strategist Stephen Bannon said during a recent interview with the New York Times, as reported by Cointelegraph.

During the interview, Bannon shared his desire to enter the world of crypto and initial coin offerings (ICO). He got interested in the industry when he worked as vice chairman of a gaming company owned by Brock Pierce, a former child actor who became an entrepreneur.

Now, 10 months after being ousted from his position due to his alleged criticism of Donald Trump, Bannon has his sights on the crypto market. The former chief strategist has apparently been meeting with hedge fund and cryptocurrency investors, speaking about the possibility of issuing ICOs through his investment firm, Bannon & Company.

However, he did not reveal details of his cryptocurrency plans, fearing that whatever project he may undertake will have a hard time taking off because of the controversies surrounding him. But his reputation seemed to have little effect. After a meeting last month, Ikigai cryptocurrency hedge fund co-founder Timothy Lewis said he was impressed with Bannon’s knowledge of the market. “I didn’t know what to expect going in, but he had clearly done his homework,” Lewis said.

He shared that their talk touched upon regulations that encompass the crypto market, as well as several ICOs that had recent success raising funds from investors. Apparently, Bannon is quite interested in the idea of cryptocurrencies being supported by national wealth such as the Italian coin backed by marble deposits.

Bannon even brought up the idea of creating his own digital currency during a small spring event at Harvard, where he dubbed the cryptocurrency “deplorables coin.” The naming is an allusion to Hilary Clinton calling Trump supporters as a “basket of deplorables.”

When asked about Bitcoin, Bannon said he has a “good stake” in the cryptocurrency, adding that it can disrupt the baking industry.