Trump Crypto Announcement: Promises to Be Credit Breakthrough

• The Basic Features of a Crypto Project
• Schematic of Crypto Platform Operation
• The Possible Pitfalls
• The Impact of Cryptocurrencies on the US Election

Former US President Donald Trump, who now intends to take office again, has announced the launch of World Liberty Financial, a digital asset company. The company will also issue its own cryptocurrency. “If we don’t do it, China will. If we don’t do it, we won’t be the biggest,” Bloomberg quoted Trump as saying. It is believed that these activities have the potential to create a conflict of interest if he becomes president again.

The Basic Features of a Crypto Project

The sons of Donald Trump announced the launch of a crypto platform for lending. The information known up to the moment about the project includes the following points:

• The project’s founders includes sons of Donald Trump Jr, Eric Trump and Barron Trump, as well as longtime friend Steve Whitkoff and his son Zach Whitkoff.
• What is happening now in Traip’s opinion will allow the average American to finally break free from the shackles of the big banks and the financial elite.
• The company will assist people who can’t get financing from traditional banks the established banking system is characterized as biased and politicized. World Liberty Financial will be a kind of crypto-banking platform where the general public will be invited to borrow and lend cryptocurrency, as well as invest in it.
• World Liberty Financial will offer cryptocurrency borrowing and lending services on the Ethereum network. The product is promised to be “more user-friendly and accessible” to the user.
• The plan is to sell a non-transferable WLFI management token that will not grant any economic rights. Due to regulatory restrictions, participation in the campaign will only be available to accredited investors. The product is promised to be “more user-friendly and accessible” to the user.
• The team only wants to see token buyers who “seek to become participants in governance rather than looking for financial gain.”

Schematic of Crypto Platform Operation

20% of the tokens will be distributed to the founding team, including the Trump family, 17% are for user rewards, and the remaining 63% will be available for purchase by the public, founder Zach Folkman said.

In his own September 17 speech, Donald Trump said he was initially uninterested in cryptocurrency, but changed his mind due to the success of his NFT collectibles paid for with cryptocurrency. “Cryptocurrency is what we should be doing,” he said.

The Possible Pitfalls

Cybersecurity experts point out that World Liberty Financial, a company created by Trump, could be a tasty target for hackers. And this is a realistic threat: unknown cybercriminals have already published on the pages of Trump’s daughter and daughter-in-law in the social network X links to phishing sites posing as real resources of the company. The World Liberty Financial project even had to warn subscribers on the platform to beware of fraudsters.

Earlier it was reported that the WLFI code base was almost entirely copied from the Dough Finance project, which lost $2 million in the July hack. It is also known that the creators of the hacked Dough protocol, Zach Folkman and Chase Herro, are in the management team of the “Trump family project.”

“Our goal is to create clear projects that are easy and simple to use. Where you don’t have to call a friend to get a step-by-step guide,” Zach Folkman said during the broadcast.

The future platform from the decentralized financial applications (DeFi) sector World Liberty Financial has become another crypto project backed by Trump. The account of the former US president has four collections of cards in the form of non-fungible tokens (NFT). The latest one went on sale at the end of August with an initial price of $99 apiece. As of September 17, according to Polygonscan, nearly 31,000 tokens of the fourth collection have been issued out of a possible 360,000.

The Impact of Cryptocurrencies on the US Election

Analysts believe that cryptocurrencies have become an important part of the US presidential election expected in November 2024. Grayscale’s observations showed that 53% of respondents are willing to vote for a cryptocurrency-oriented candidate.

The figures show that the cryptocurrency electorate is capable of influencing elections. Forbes reports that one in five Americans already own cryptocurrency and the size of this voting block presents a huge opportunity for political candidates.

“Tens of millions of Americans have participated in the crypto economy. When I talk to innovators across the country, their passion for blockchain is incredible. Any politician who ignores this passionate community is losing an important and motivated segment of the American electorate,” Faryar Shirzada, Coinbase’s head of policy, noted for Forbes.

The Future of Cryptocurrency if Trupm Wins the Election

Kalash Aggarwal

I graduated from Stanford University 8 years ago. My areas of interest are finance, credit, consulting in the field of finance. I write articles and notes in the field of finance. 5 years of experience in copywriting. Every year I take advanced training courses. I attend business seminars and workshops.

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The 2024 US presidential election is shaping up to be a key event for the cryptocurrency market, with bitcoin's price trajectory closely linked to its outcome. Analysts predict that a Donald Trump victory could spark significant growth, while a victory for Vice President Kamala Harris could put downward pressure on the crypto market, creating uncertainty for digital assets such as bitcoin. According to a report on CoinDesk https://www.coindesk.com/, the price of bitcoin could reach $90,000 if Donald Trump wins the U.S. presidential election in 2024. A victory by Kamala Harris could see bitcoin drop to around $30,000 due to possible regulatory challenges.