Trump seems to have delved deeper into the world of digital assets, stating that he will unveil a plan to ensure that the USA becomes the "cryptocurrency capital of the world".
According to the Futu Wealth Management App, it appears that Trump has conducted further research into the world of digital assets and stated that he will unveil a plan to ensure that the USA becomes the "cryptocurrency capital of the world". On Thursday, Trump posted a video message on the social media platform X, but did not disclose further details. The post included a link to World Liberty Financial, a decentralized finance project that his family has been promoting.
Although not revealing too many details, the metadata of the website describes the project as a "cutting-edge" DeFi platform that will connect users with the "best tools for decentralized finance" for safe and high-yield crypto investments.
In the video, Trump said, "This afternoon, I will develop my plan to ensure that the USA becomes the global cryptocurrency capital."
Trump's attitude towards this asset class has undergone a complete transformation. During his presidency, he believed it was a fraudulent scheme plagued by crime. Last month, he served as a guest speaker at a Bitcoin conference, where donors were asked to pay $0.8446 million to attend a roundtable meeting with Trump.
Decentralized Finance (DeFi) is a sub-industry of cryptocurrencies aimed at eliminating intermediaries such as banks and brokers through the use of software-driven applications. Supporters claim that DeFi projects will democratize finance.
"They want to destroy you. They want to bankrupt you," Trump said in the X video, without specifying who "they" are. "We're not going to let that happen."
Advocates argue that regulatory crackdowns on cryptocurrencies make the USA an unsuitable country for building DeFi projects. Uniswap Labs, the creator of the largest DeFi trading platform on the Ethereum blockchain, recently stated that it may face potential enforcement actions in the future, as the US Securities and Exchange Commission (SEC) warned that it is an unregistered exchange and brokerage dealer.
It is unclear how this project promoted by Trump is set up. World Liberty Financial has launched a channel on the social media platform Telegram with over 0.052 million subscribers. Telegram CEO Pavel Durov was charged in France this week for involvement in the dissemination of child pornography and other crimes.
The latest message on the Telegram channel for this project reads, "President Trump just tweeted about World Liberty Financial! Let's support and move forward together!"
On Tuesday, the fourth batch of Non-Fungible Tokens (NFTs) was launched, with each NFT priced at $99. These tokens depict Trump in various outfits, from superhero costumes to holding symbolic bitcoins, and more.
Former President Trump's CIC Digital LLC has earned $7.2 million by licensing his image on NFTs. The company holds a crypto wallet with at least $1 million worth of Ethereum. Trump's support for cryptocurrencies has also led industry figures, including venture capitalist Marc Andreessen and Ben Horowitz, to support him.