Steve Bannon is an innovative, albeit controversial, man. He’s had a diverse career that includes serving in the Marines, working for Goldman Sachs, making documentaries, heading the Breitbart news outlet, and, most recently, working as the White House Chief Strategist. He no longer works for President Donal Trump, nor is he working with Breitbart. But that does not mean that he is slowing down. His latest project involves marrying populist politics with a cryptocurrency. The token will be used as a tool to empower the disenfranchised working class in the United States. Bannon, however, also has plans for his European counterparts.
Bannon has been very enthusiastic about Bitcoin and cryptocurrencies in general and has stated that he believes they are the future of the economy. He has for a long time been toying with the idea of launching his own ‘deplorables’ coin, which is a reference to Hillary Clinton’s description of Trump supporters during the 2016 presidential election campaign. Although Bannon himself has not gone into much details about the cryptocurrency token, his new partner Jeffrey Wernick has shed some light on the project.
Who is Jeffrey Wernick?
Bannon’s new partner is a seasoned trader, entrepreneur, and investor. Wernick has worked for the investment bank Salomon Brothers, invested in startups like Uber and Airbnb, and, more recently, is an evangelist for cryptocurrency and blockchain technology. Last year, he joined the advisory board of Qtum, which is a Chinese blockchain firm. Wernick and Bannon have a shared interest in helping online users protect their data from being exploited by the big tech companies. The transparency and security offered by blockchain technology seem a natural fit for this goal.
A utility token for political activists
What will the ‘deplorables’ coin do? According to Wernick, it will have multiple functions. First and foremost, it will help provide users with an alternative to the current financial system which is run by the central banks. Secondly, it will be used to incentivize people to engage in political activism. Although Bannon’s political leanings are clear, his token will not be biased towards any particular party. Rather, the aim is for political activists to be able to support smaller parties and break the two-party system of Democrats and Republicans.
From the United States to Europe
Bannon has recently begun to involve himself more in European politics. In particular, he is in support of the Five Star Movement and the League in Italy, Alternative for Germany in Germany, National Rally in France, and UKIP in the United Kingdom. He sees the emerging populist parties in Europe as an opportunity to form a coalition he calls ‘The Movement’.
As he is opposed to the European Union and the European Central Bank, he will encourage EU member states to launch their own cryptocurrencies. This will, according to Bannon, help them break free of what he views as an oppressive bureaucracy.
What do you think about the ‘deplorables’ coin? Would it be good to incentivize political activism with money in this way? Leave your comments in the section below!