Speed Reads


Stephen Bannon has a new fringe scheme: A cryptocurrency called the 'deplorables coin'

After losing his spot in the White House and getting pushed out of Breitbart, Stephen Bannon has gravitated toward another band of outsiders.

He's investing in Bitcoin.

President Trump's former chief strategist has taken a stake in the cryptocurrency, he told The New York Times. Bitcoin breaks the rules, shatters the system, and "takes control back from central authorities," Bannon says — kind of like his far-right politics.

Bitcoin is popular within the alt-right fringe Bannon hangs around. Cryptocurrency payments bypass mainstream systems such as PayPal, which shut down connections to white supremacist sites last year, per the Times.

Bannon's White House history has leaked into his new investment as well. He's thinking of creating his own "deplorables coin," a cryptocurrency named for Hillary Clinton's unforgettable description for some supporters of President Trump in the 2016 election. And with one Bitcoin's value hovering around $6,500 today, Bannon probably won't need a whole basket to turn a profit.