When you hear the name “Trump,” you’d probably expect real estate, politics, or maybe the occasional reality TV comeback. But crypto?
Yes, you heard it right. The former president, Donald Trump, is now diving headfirst into the world of digital currency.
On September 16, he’s launching World Liberty Financial—his very own crypto platform. The timing? Impeccable—right before the elections, because why not add a bit more drama?
Cryptos and Trump : A Match Made in 2024?
In a video posted on X (formerly Twitter), Trump confidently shared that World Liberty Financial would go live soon, with the launch event happening on September 16. Not just that, his sons, Donald Jr. and Eric, are also in on this venture. He declared that the platform will break free from the “slow and outdated” traditional banks. Bold words, but should we really be surprised?
.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL
— Donald J. Trump (@realDonaldTrump) September 12, 2024
The platform claims to be built on the DeFi (decentralized finance) model, allowing users to store money in digital wallets, borrow and lend crypto, and even use tokens for investments. Not to mention, a governance token is also thrown into the mix. It seems the Trumps are going all-in on their new crypto playground.
The project is also betting big on stablecoins, which are pegged to the US dollar, positioning itself as a serious player in the DeFi world. Rumors suggest there’s a collaboration with the DeFi protocol Aave, hinting that the platform could operate on the Ethereum blockchain. Let’s just hope this doesn’t crash and burn like some other flashy crypto ventures.
Trump Takes a Risk—Again
Launching a crypto platform this close to a presidential election? Only Trump would take such a gamble. Sure, he’s received backing from some in the crypto community, promising clear regulations and vowing to fire SEC chairman Gary Gensler if he’s reelected. But others aren’t so sure. Nic Carter, a prominent Trump supporter, called this move a “huge mistake,” warning that it risks damaging the goodwill Trump has earned in the crypto space.
This is a huge mistake. It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the good will that’s been built with the industry so far.
Nic Carter, a founding partner at the crypto-focused venture capital firm Castle Island Ventures
And it’s not just skepticism Trump’s facing. His team has already been dealing with hackers and scammers. In early September, the X accounts of his daughter-in-law, Lara, and daughter Tiffany were hacked, with fake links to World Liberty Financial popping up. Combine that with ongoing scams flooding their official Telegram group, and you start to wonder if this crypto venture might be more chaotic than his political rallies.
ALERT: Lara’s and Tiffany Trump's X accounts have been hacked. Do NOT click on any links or purchase any tokens shared from their profiles. We're actively working to fix this, but please stay vigilant and avoid scams!
— WLFI (@worldlibertyfi) September 4, 2024
So, is World Liberty Financial about to revolutionize the crypto space? Or will it become yet another chapter in Trump’s unpredictable saga?
Stay tuned. One thing’s for sure: it’s going to be a wild ride.