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Steve Bannon says he owns bitcoin and is working on his own cryptocurrency

Bannon on cryptocurrencies

Former advisor to President Trump Steve Bannon says he owns bitcoin and reiterated that he is working on his own cryptocurrency.

"I like bitcoin. I own bitcoin," Bannon said during a wide-ranging interview at the Delivering Alpha conference in New York, presented by CNBC and Institutional Investor.

Bannon has said earlier that he believes in bitcoin and other digital currencies and that he is considering circulating what he called a "deplorables" coin. Hillary Clinton famously called Trump's supporters a "basket of deplorables" during the 2016 presidential campaign during which Trump staged one of the biggest political upsets in history.

"They are the future," Bannon said of cryptocurrencies.

He did, however, warn about ICOs, or initial coin offerings that take place when a creator brings new offerings to the market. Most, he said, have been disasters.

"Too many investors get blown out by things that aren't thought through," he said.

The conference itself featured mostly skepticism about cryptos despite their growing use. Bitcoin in particular has seen spectacular price volatility, once trading near $20,000 but more recently was priced around $7,300.