Thursday, July 19, 2018

It appears that the next public figure to get on the cryptocurrency bandwagon is none other than the former Trump adviser Steve Bannon

There are very few more controversial figures in American politics over the past three years than the former campaign adviser and manager to President Donald Trump.  And of course in this we are referring to Breitbart co-founder Steve Bannon.


Yet while most would think that since he left the administration a little less than a year ago that he would have simply faded into the woodwork like the doomed from the start former Communications Director Anthony Scaramucci, this is far from the truth as Bannon's latest endeavor appears to be in the creation of a new cryptocurrency.

Graphic courtesy of BTC Manager
Steve Bannon, former chief strategist to U.S. President Donald Trump, confirmed that he wants to launch a cryptocurrency of his own. 
Speaking to CNBC on Wednesday, the Breitbart co-founder said "they're the future," adding that "we're working on some tokens now, utility tokens, potentially, for the populist movement on a worldwide basis." 
Bannon first hinted at the idea in June, though at the time he was hesitant about revealing too much about his cryptocurrency plans, according to the New York Times
He did contemplate naming his token the "deplorables coin" at the time, referencing a term used by former Secretary of State and presidential candidate Hillary Clinton to describe Trump's supporters during the 2016 presidential campaign. - Coindesk
Celebrity driven cryptocurrencies have not fared well following the crypto bubble that emerged during 2017.  And in fact new data has revealed that around 80% of all cryptocurrencies and cryptocurrency based projects on the blockchain have failed, or at the very least fallen into the realm of 'penny stocks' according to their value.

It will be interesting to see if Bannon can revive a market that has not only lost investor sentiment, but for the most part has been taken over by Hedge Funds and Wall Street investment banks.  Yet either way, the former adviser to Donald Trump is a very shrewd businessman, and one has to wonder if his crypto idea contains much more than what we see simply on the surface.

0 comments:

Post a Comment