Former White House Chief Strategist Steve Bannon announced yesterday that he supports Bitcoin and that he is currently developing his own cryptocurrency.
During an interview published by CNBC on Wednesday at the eighth annual Institutional Investor Delivering Alpha conference in New York, Bannon stated, “I like bitcoin. I own bitcoin.” He added that he believes cryptocurrencies, “are the future.”
Bannon was one of the few speakers at Delivering Alpha to offer up support for cryptocurrencies. The majority of those featured at the conference including, Howard Marks, cochairman at Oaktree Capital Management, were extremely skeptical about the value of the new digital coin economy. Marks stated during his interview that he believes Bitcoin will be “shown to have no substance”.
Bannon, however, not only expressed support for Bitcoin, but also stated that he’s currently working with a team to develop his own cryptocurrency.
“We’re working on some tokens now. Some utility tokens for the populous movement on a worldwide basis. But they have to be quality.”
Despite, his support for cryptocurrency, the former executive chairman at Breitbart News made it clear that he has no love for the thousands of half-baked projects that have made up the ICO boom over the last year and a half.
“I think 90 percent of the ICOs have been a disaster … The problem has been too many investors have been blown out by things that weren’t thought through.”
Bannon first expressed his interest in creating a new virtual currency in June 2018. In an article written in the New York Times Bannon revealed that wanted to call his new token the “Deplorables Coin”–taking a jab Hillary Clinton who once described President Trump supporters as a “a basket of deplorables.”