Like so much in cryptocurrencies, there\u2019s a lot to unpack with Himalaya Coin, which has quietly zoomed to an apparent $27 billion valuation in less than two weeks.<\/p>\n
For starters, there\u2019s the music video, \u201cHcoin to the Moon,\u201d featuring exiled Chinese billionaire Wengui Guo smoking a cigar, hanging out on a yacht and driving a red sports car.<\/p>\n
The song\u2019s lyrics, most sung in Chinese, describe a bleak world: \u201cFreedom, such a familiar word\/But it\u2019s unknowingly getting further and further away from me.\u201d Other verses list the virtues of Himalaya Coin and the related Himalaya Dollar, a stablecoin tracking the U.S. dollar:<\/p>\n
Security guarded by the most advanced encryption technology<\/p>\n
No one can take your wealth away from you<\/p>\n
Stablecoin, floating coin, unparalleled in the world<\/p>\n
And 20% gold reserve attached to the value<\/p>\n
The chorus screams over and over: \u201cWelcome to the world\/To the new world\/Welcome to the world\/Hcoin to the moon.\u201d<\/p>\n
\u201cTo the moon\u201d is notable because that has become a rallying cry, the guiding hope among crypto traders that the price of a holding will surge enormously.<\/p>\n
But support from Guo and Steve Bannon, the former Donald Trump adviser, suggests there\u2019s more than just crypto-cheerleading at work with Himalaya Coin.<\/p>\n
Guo and Bannon have waged a public campaign against the Chinese government for years, and comments last week from Bannon indicate this is the latest front in that battle. Himalaya Coin\u2019s debut this month also stands out because, in September, China widened its crackdown on the use of cryptocurrencies.<\/p>\n
Guo has touted the digital token on social media, and has a business relationship with the exchange where it trades, according to the chief executive officer of that marketplace. Bannon, during an interview last week, called Himalaya Coin\u2019s debut \u201cmonumental\u201d and put it in the context of his fight against China. \u201cIf you look at the institutionalization of the counteroffensive to the Chinese Communist Party, it\u2019s pretty impressive,\u201d Bannon said.<\/p>\n
Himalaya Coin only appears to trade on the Himalaya Exchange. It\u2019s not included in CoinMarketCap\u2019s long list of global cryptocurrencies, which has become the de facto source for digital token valuations. On the Himalaya Exchange, its price has jumped from 10 cents when it started trading at the beginning of the month to about $27 now.<\/p>\n
Himalaya Exchange CEO Jesse Brown says one billion of the coins have been issued. That equates to a market value of about $27 billion, similar to what CoinMarketCap says Shiba Inu, a dog-themed coin that\u2019s recently surged in popularity, is worth.<\/p>\n
Read More: Shiba Inu Coin Craze Drives Demand for Less-Than-Ideal Dog Breed<\/p>\n
Guo has an agreement with the Himalaya Exchange allowing his business clients to buy products from firms linked to the billionaire using the Himalaya Dollar stablecoin, Brown said in an interview. The trading platform has amassed 20,000 accounts, more than half of which are owned by Mandarin-speaking investors, Brown said.<\/p>\n
People in the U.S., Canada and Japan cannot use the exchange, he added, though there are plans to get U.S. access.<\/p>\n
Guo is \u201cusing his platform to to get people to get involved in crypto and financial freedom,\u201d Brown said. \u201cI think it speaks to his whistleblower program in China and how he\u2019s looking to get more independence.\u201d<\/p>\n
A representative for Guo couldn\u2019t immediately be reached. An email sent to Bannon\u2019s attorney and public relations representative after he was indicted Friday by the U.S. Justice Department for defying congressional subpoenas wasn\u2019t immediately returned.<\/p>\n
Guo, anticipating corruption charges, fled China in 2014 and has since railed against the government. After moving to the U.S., he\u2019s alleged high-level officials from China\u2019s Communist Party engaged in political corruption.<\/p>\n
Although the Chinese government has been reticent about Guo, Interpol issued a red notice — an alert to law enforcement officials worldwide about a fugitive — for him in 2017 \u201cat Beijing\u2019s request,\u201d the South China Morning Post reported at the time.<\/p>\n
GTV Media Group Inc., which has ties to Guo and Bannon, in September settled U.S. Securities and Exchange Commission allegations it participated in an illegal sale of shares and digital securities referred to as either G-Coins or G-Dollars. Neither Guo nor Bannon were named by the SEC. GTV and two other entities involved didn\u2019t admit or deny wrongdoing. The firms paid more than $539 million to resolve the case.<\/p>\n
Guo has been an avid cheerleader for H-Coin on his YouTube channel, which has about 425,000 subscribers, and on conservative social media outlet Gettr. The price of the coin has jumped 270-fold since launching Nov. 1.<\/p>\n
\u201cWe\u2019ve got a lot of diamond hands,\u201d Brown said, using slang meaning traders who hold onto an investment regardless of volatility.<\/p>\n
Or, as \u201cHcoin to the Moon\u201d puts it:<\/p>\n
Destroy the machine that sucks you dry<\/p>\n
Never be a slave to money again<\/p>\n
The door to Himalaya Federal Reserve will always be open for you<\/p>\n
A bright future lies in Himalaya Coin<\/p>\n","protected":false},"excerpt":{"rendered":"
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