Stephen Bannon, the former chief strategist for President Donald Trump of the United States, says Bitcoin takes control back from central authorities and that is disruptive populism. He has invested a “good stake” in Bitcoin, and his investment business Bannon & Company has been meeting with cryptocurrency investors and hedge funds to discuss initial coin offerings.
Experts say it is not surprising that Bannon has embraced cryptocurrency since it is much like Tea Party politics. Cryptocurrencies are a threat to institutions that have long been in power and break the old rules of the financial system.
Bannon thinks that cryptocurrency can disrupt the financial system in the same way President Trump has disrupted politics in the United States. During a meeting at Harvard University, he came up with the idea to create Deplorables Coin, deriving its name from Hillary Clinton’s statement that Trump supporters are deplorable.
A major reason he favors cryptocurrency is it gives control of money to the people. He worries that political movements will be controlled by those who control fiat currency, such as banks who control most of the money in the United States.
Additionally, he sees that the government is detrimental to the value of the USD via printing money and taking out tremendous amounts of loans, which ties citizens to debt. Bitcoin cannot be printed at will and is not controlled by any government, so it is a good way to store monetary value and gives individuals monetary independence.
In general, Bannon aims to help cryptocurrency entrepreneurs across the world to create their own cryptocurrencies. He is especially interested in helping countries create state-backed cryptocurrencies tied to material wealth.
Bannon has become involved with a cryptocurrency utopia in Puerto Rico called Puertopia, where dozens of newly-rich cryptocurrency enthusiasts have taken up residence at a monastery to avoid taxes.
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