President Donald Trump’s former pick for the Federal Reserve, Stephen Moore, has high hopes for a new cryptocurrency startup billing itself as “the world’s decentralized central bank.”
“I’m really excited about doing this,” Moore told Fox Business. “I hope it makes me rich.”
SEE ALSO: What You Need to Know Before Investing in Cryptocurrency
Dubbed “Decentral,” the company plans to stabilize volatile cryptocurrencies like Bitcoin by swapping them out for its new token. Moore, who has advocated returning to a gold standard, compared the Decentral crypto to Facebook’s Libra token, in that it’s pegged to a stable valuation method like the dollar.
“We’re doing what Facebook is doing by making a great payment method,” continued the economist. “This is an alternative way of making payments.”
President Donald Trump announced in March he had selected Moore for a seat at the Federal Reserve. However, the economist saw his candidacy derailed after an avalanche of reports documented that he owed $300,000 in alimony payments, in addition to his criticism of the president’s immigration policies and his mocking of women in sports. Shortly after, Moore spoke at Anthony Scaramucci’s SALT conference and met Decentral’s founder, Sam Kazemian.
“We were amazed with Steve’s knowledge of the Fed and offered him a chance to come on board,” one of the startup’s officials told Fox Business.
