Steve Bannon: cryptocurrencies are the future

After hinting last month about launching his own cryptocurrency, the US president’s former right hand man Steve Bannon last night confirmed he is in the advanced stages of launching an ICO.

In June, the Breitbart co-founder had joked about launching a cryptocurrency called ‘The Deplorables Coin’ in reference to presidential candidate Hillary Clinton’s description of Donald Trump’s supporters leading up to the 2016 US election.

“We are working on some tokens now, utility tokens, potentially for the populist movement on a worldwide basis. But they have to be quality,” he says in an interview with CNBC.

Bannon has money in Bitcoin, although he did not reveal how much. He adds that he firmly believes cryptocurrencies “are the future”. He admits that there are currently specific issues with crypto, such as market volatility and usage. When asked which cryptocurrencies he prefers, he responded: “I like Bitcoin. I won Bitcoin.”

But when speaking of initial coin offerings, he has a completely different view: “Ninety per cent of the ICOs have been a disaster. Too many investors I think have been blown out by things that are not thought through.”