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Donald Trump used to be Bitcoin is a scamhas launched a new cryptocurrency venture called World Liberty Financial. “Crypto is one of those things we have to do,” he said in an interview with X. “Whether we like it or not, we have to do it.” The news was released on Possible assassination attempt He spoke out against President Trump on a Florida golf course.
Trump is joining the venture alongside his sons, Donald Trump Jr. and Eric Trump, and two crypto entrepreneurs, Chase Herro (who once called stablecoins “borderline Ponzi schemes”) and Zachary Folkman (who founded a company called Date Hotter Girls). Trump’s 18-year-old son, Barron Trump, who is not reportedly an expert on crypto, has also been named “chief DeFi.” [decentralized finance] A visionary.”
The token itself is reportedly based on a US dollar stablecoin, and some people involved in the venture say it is internally touting it as a borrowing and lending platform. The New York Times.
Although cryptocurrencies are generally supposed to be decentralized, a large portion of World Liberty Financial’s governance token may be held by insiders, the project’s draft white paper has confirmed. CoindeskThe remaining 30 percent will be distributed through a “public sale,” with a portion of the funds raised from that going to those involved in the project.
When asked about the venture in an X Spaces interview (above), Trump seemed to know very little about it. “This is a big deal. This is cryptocurrency, this is AI, and a bunch of other stuff. AI requires massive amounts of power that I’ve never heard of before,” he said. He respected Barron’s expertise, saying he has “four wallets” and likening it to learning a language like Chinese.
Some comments Space Interview The criticism was unkind: “Let’s be honest, Trump doesn’t know what cryptocurrency is or why he’s being asked to promote it,” one person said. Others pointed out that it was inappropriate to launch such a venture so close to an election.
“I think it would be really damaging to Trump’s election prospects, especially if it gets hacked (this is the most attractive DeFi target to date, being forked from a protocol that itself got hacked),” said Nick Carter, a prominent crypto industry figure and self-described Trump supporter. Post to X.
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