President Donald Trump’s previous adviser, Steve Bannon, says that he owns a lot of Bitcoin and he is planning to launch his own digital currency. Bannon notes in an interview that, “I like Bitcoin. I own Bitcoin.” In the past, Bannon said he believes in Bitcoin and other digital currencies. The former presidential adviser shares the he thinks that digital currencies are the future.

ICOs Causing A Stink

Bannon is, however, warning investors about Initial Coin Offerings (ICOs). He notes that most ICOs have been a disaster since most of the investors invest in them without thorough thought.

A recent report revealed that about 78% of all ICOs fail and that’s the reason people are becoming cautious about them. Furthermore, most of the ICOs start without a plan and even some of them do not even have white papers.

Cryptocurrencies are having a difficult time since January despite their continuing popularity. Bitcoin is experiencing massive volatility after losing more than half of its value. The most popular digital currency, by market cap, is now trading at around $7,700 which is a serious drop from its all-time high in December 2017. This drop could be the cause of continuing regulatory talks as well as cyber-crimes. Additionally, continued attacks on crypto exchanges are hurting the growth of the crypto sector. However, this markets is attracting huge investors and some of the best Wall Street brains.

Despite the growth, people like Ken Griffin, founder and CEO of Citadel Hedge Fund,  is telling the younger generation to stay away from Bitcoin. The billionaire says that he is not considering digital currency investing since none of his clients are requesting the service. In 2017, he made similar negative remarks against Bitcoin saying that it was a bubble and it would end in tears for most of the investors.

Griffin operates a hedge fund created back in 1990. The hedge fund has more than $30 billion worth of assets and it’s one of the oldest in the US. Griffin says that the he will look for other ways to raise capital other than investing in digital currencies while are highly volatile and unpredictable.