Former US President and Convict Donald Trump three years ago called Bitcoin a ‘fraud’ and ‘impending disaster’ but now he has introduced his own crypto project which he promises will ‘revolutionise’ finance.
Led by his two sons, Eric and Donald Jr., and aided by the creative thinking of 18-year-old son Barron, World Liberty Financial claims to challenge the power of the big banks and create a brand new Cryptocurrency It will bring about a revolution in financial affairs through the issuance of
Last night’s event, broadcast live on X (formerly Twitter) from Trump’s Mar-a-Lago residence in Florida, was attended by more than 1 million people, eager to learn what the new crypto project actually is.
What is World Liberty Financial?
Monday night’s induction ceremony lasted 90 minutes, attended by four members of the Trump family and various crypto personalities associated with the project.
However, very little information has been revealed about what World Liberty Financial is. More time was spent talking about the recent assassination attempt on Trump than the crypto project he was about to launch there, although some key details have been confirmed.
The main announcement focused on the launch of a new crypto token called WLFI.
“We are planning to sell and distribute a governance token called WLFI in the future,” said Zach Folkman, one of the project’s leaders.
‘WLFI tokens are pure governance tokens that only provide the right to make proposals and vote on matters related to the platform.
‘WLFIs are non-transferable and will not confer any economic rights such as dividends or other distributions and we require only qualified individuals who are serious about playing an active role in the governance of World Liberty Financial.
‘So this means that people who only intend to make a profit from buying and selling will not be included.’
Not everyone will be eligible to buy tokens, the rules and regulations mean that only accredited investors in the US are allowed to buy WLFI.
Only 63 percent will be sold to the public, with 17 percent earmarked for consumer rewards and 20 percent for ‘team compensation’ like Trump and his sons.
Other details offered by Eric Trump suggest that it will involve some form of ‘digital real estate‘ – either the digital tokenization of real-world assets in the form of non-fungible tokens (NFTs), or Creation of virtual property within the metaverse etc.
“It’s fair,” he told the New York Post last month. This is a guarantee that anyone can access and do so instantly.
‘I don’t know if people realize how big a blow this is to the world of banking and finance.’
Why is this controversial?
World Liberty Financial was targeted by fraudsters and cybercriminals just weeks before Trump’s inauguration.
A fake Telegram channel lured its more than 70,000 followers by promising to donate up to $15,000 worth of cryptocurrency.
In order to be eligible for this fake giveaway, users were required to ‘link’ their crypto wallet, making any funds in the wallet visible to fraudsters.
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Hackers also hijacked the X accounts of Tiffany and Lara Trump earlier this month to promote a similar hoax aimed at capitalizing on rumors about the project.
During Monday night’s presentation, the hosts warned against fraudsters targeting projects, particularly plans to launch crypto tokens.
“If it’s not announced on our official Twitter or Telegram accounts or on our website, it’s not real,” the hosts warned.
Other concerns about the project are whether Trump is really interested in changing traditional finance, or whether it is just another opportunity to capitalize on the desire of his followers to invest in his businesses. are ready for
Their non-fungible token (NFT) collection, released last year, raised $7.2 million and sold out within days.
Nick Carter, a Trump supporter and general partner at crypto-asset firm Castle Island Ventures, wrote on X before Monday’s event that “is there anything we as crypto-Twitter can do to stop the launch of the World Liberty Coin.” Can collectively?
‘I think it’s really damaging to Trump’s chances of winning the election, especially if it gets hacked… It’s an obvious target for the SEC as well.
‘At best it’s an unnecessary distraction, at worst it’s a huge embarrassment and a source of (additional) legal trouble.’
What does this mean for the broader crypto industry?
With support from a former US president and a current presidential candidate, this is definitely the moment the crypto industry has finally hit the mainstream.
Trump’s announcement had little impact on the crypto market — bitcoin and other leading cryptocurrencies changed less than 1 percent in the hours following World Liberty Financial’s release — but industry leaders expect his involvement will result in new scrutiny within crypto.
Some hope this will lead to increased regulation in the US and globally.
A spokesperson for crypto-east trade association Crypto UK told The Independent that ‘the debate in the US about the future role of crypto shows that the sector has become mainstream not only in the US but also globally. .
“The UK government should speed up existing legislation, implement a supportive tax framework early and work with the sector to ensure the UK is at the forefront of global fintech. Can maintain the status of a leader.’
George McDonagh, co-founder and co-managing director of digital asset investment firm KR One, added: ‘Donald Trump’s support for crypto has both pros and cons for the industry.
“This shows how powerful the crypto world has become and is now a major political force forcing US presidential candidates to take sides.”
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#Trumps #crypto #project #people #worried
2024-09-19 07:54:52
– What led to Donald Trump’s change of stance on cryptocurrencies?
Table of Contents
Donald Trump’s Shocking Crypto Turnaround: From ‘Fraud’ to ‘Revolutionary’
In a stunning U-turn, former US President and convict Donald Trump, who once dubbed Bitcoin a “fraud” and an “impending disaster,” has launched his own crypto project, promising to “revolutionize” finance. Led by his sons, Eric and Donald Jr., and aided by his 18-year-old son Barron, World Liberty Financial aims to challenge the power of big banks and create a brand new cryptocurrency.
What is World Liberty Financial?
Yesterday’s event, broadcast live on X (formerly Twitter) from Trump’s Mar-a-Lago residence in Florida, was attended by over 1 million people, eager to learn about the new crypto project. Although very little information was revealed, some key details were confirmed. The main announcement focused on the launch of a new crypto token called WLFI.
WLFI tokens are pure governance tokens, providing the right to make proposals and vote on matters related to the platform. They are non-transferable and will not confer any economic rights, such as dividends or other distributions. Only accredited investors in the US are allowed to buy WLFI, with 63% to be sold to the public, 17% earmarked for consumer rewards, and 20% for ’team compensation’ like Trump and his sons.
Digital Real Estate and Virtual Property
Eric Trump hinted that World Liberty Financial will involve some form of ‘digital real estate,’ possibly digital tokenization of real-world assets in the form of non-fungible tokens (NFTs) or the creation of virtual property within the metaverse. “It’s fair,” he told the New York Post last month. “This is a guarantee that anyone can access and do so
Donald Trump’s Surprising U-Turn: From Bitcoin Critic to Crypto Entrepreneur
In a shocking turn of events, former US President Donald Trump, who once called Bitcoin a “fraud” and an “impending disaster,” has launched his own cryptocurrency project, World Liberty Financial. This project, aimed at “revolutionizing” finance, is led by his two sons, Eric and Donald Jr., with the creative input of 18-year-old son Barron. But what exactly is World Liberty Financial, and why is it generating so much buzz in the crypto community?
The Launch Event
The launch event, broadcast live on X (formerly Twitter) from Trump’s Mar-a-Lago residence in Florida, attracted over 1 million viewers. Despite the hype, very little information was revealed about the project’s specifics. Instead, the Trump family and associated crypto personalities focused on the recent assassination attempt on Trump, leaving many in the audience wondering what World Liberty Financial is all about.
What is World Liberty Financial?
According to Zach Folkman, one of the project’s leaders, World Liberty Financial will issue a new crypto token called WLFI. These tokens will be governance tokens, allowing holders to propose and vote on matters related to the platform. However, WLFI tokens will not provide economic rights, such as dividends or distributions, and will not be transferable. Only accredited investors in the US will be eligible to purchase WLFI tokens, with 63% available to the public, 17% earmarked for consumer rewards, and 20% reserved for “team compensation” – including Trump and his sons.
The Concept of Digital Real Estate
Eric Trump hinted that World Liberty Financial will involve some form of “digital real estate,” which could mean tokenizing real-world assets as non-fungible tokens (NFTs) or creating virtual properties within the metaverse. According to Eric, this project has the potential to shake up the banking and finance world.
Controversy Surrounding World Liberty Financial
World Liberty Financial has already attracted unwanted attention from fraudsters and cybercriminals. Just weeks before the launch, a fake Telegram channel lured over 70,000 followers with promises of donating up to $15,000 worth of cryptocurrency. To be eligible for the giveaway, users were asked to “link” their crypto wallet, exposing their funds to potential fraud. Additionally, hackers hijacked the X accounts of Tiffany and Lara Trump to promote a similar hoax, capitalizing on the project’s rumored launch.
Warning Against Fraudsters
During the launch event, the hosts warned against fraudsters targeting crypto projects, particularly those launching new tokens. They emphasized the importance of verifying information through official channels, such as Twitter, Telegram, or the project’s website.
Conclusion
Donald Trump’s sudden about-face on cryptocurrency has raised eyebrows, but the success of World Liberty Financial remains to be seen. With the project still shrouded in mystery, many are left wondering if this is a genuine attempt to revolutionize finance or simply a publicity stunt. As the crypto world continues to evolve, one thing is certain – World Liberty Financial will be closely watched by supporters and skeptics alike.
Optimized Keywords: Donald Trump, World Liberty Financial, cryptocurrency, crypto project, WLFI tokens, digital real estate, non-fungible tokens, metaverse, finance, banking, fraudsters, cybercriminals.
Meta Description: Former US President Donald Trump launches World Liberty Financial, a cryptocurrency project aimed at revolutionizing finance. But what is it, and why is it generating controversy? Find out more about WLFI tokens, digital real estate, and the warning against fraudsters.
Header Tags:
H1: Donald Trump’s Surprising U-Turn: From Bitcoin Critic to Crypto Entrepreneur
H2: The Launch Event
H2: What is World Liberty Financial?
H2: The Concept of Digital Real Estate
H2: Controversy Surrounding World Liberty Financial
H2
