Steve Bannon, best known for his stint as a former White House chief strategist, is now working on a new cryptocurrency project that is designed to reward political activism, among other things.
Steve Bannon Goes Crypto
Anyone who has paid attention to Steve Bannon during his tenure at the White House will recall that he always maintained a pro-Bitcoin stance.
Bannon acknowledges that the current financial system is not the best, and it may require an overhaul altogether. Whether or not cryptocurrencies can play a role of importance in this regard, remains to be seen. Even so, Bannon looks to reward political activism through his own native cryptocurrency.
The main purpose of this new currency is to offer financial services. This seems to indicate that the project has been designed to offer services that extend beyond traditional finance. With the help of blockchain evangelist and investor Jeffrey Wernick, this new cryptocurrency venture can make a meaningful impact in the long run.
More on the Issue
Unlike most tokens being introduced, Bannon wants to create a utility token. It is clear he is well aware of the scrutiny by the SEC regarding securities mislabeling themselves as utility tokens. This new cryptocurrency will not be issued as an ICO token either, although its exact distribution remains unclear at this time.
As things stand, Bannon has not given an official name to the new cryptocurrency, nor has he explained how the project plans to forge ahead. Additionally, it is still not known how big the supply of this token will be or whether it will make its way to any of the established cryptocurrency exchanges that exist today.
Many people envision Bitcoin as a tool to disrupt the “entrenched elite”. Although it has no political affiliation, it can easily be used as a payment tool and financial services ecosystem for regions where political activism has taken center stage.
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