2024-08-24 16:15:10
Donald Trump and his two sons say it’s “the future of finance.” The trio announced Thursday the upcoming launch of a cryptocurrency platform, The DeFiant Ones, as an alternative to big banks and major financial institutions. The strategic shift for the billionaire, who until recently described cryptocurrencies as a “scam.”
The Republican candidate for the US presidential election declared on his Facebook post on Thursday that “Americans have been squeezed by big banks and the financial elite for too long,” before adding: “Now is the time for us to stand up together.” His son Donald Jr. quickly relayed the message about X.
“I’m not a fan”
Five years ago, Donald Trump declared on the same social networking site: “I don’t like Bitcoin and other cryptocurrencies. They are not money, and their value fluctuates wildly and depends on which way the wind blows.” He warned that “unregulated crypto assets could facilitate illegal behavior, including drug trafficking and other illegal activity.”
At the end of July, while attending an important conference in Nashville (Tennessee), the Republican candidate did a 180-degree turn. Donald Trump announced that he now wants to make the United States a “Bitcoin superpower” and the “cryptocurrency capital of the world.” If re-elected, he promised to be “the pro-innovation, pro-Bitcoin president that America needs.”
A portfolio of at least 1 million cryptocurrencies
This universe was a windfall for his campaign, such as more than $100 million from the support group Fairshake, which aims to provide aid to White House candidates who support cryptocurrencies. Donald Trump quickly seized this opportunity: he announced in his presidential campaign that he would “proudly (…) contribute to the campaign using cryptocurrencies”, including Bitcoin, Ethereum, Shiba Inu and even Dogecoin, in order to build a “crypto army”.
Donald Trump’s new stance also makes it possible to take a view opposite to that of the Democratic Party, which is more inclined to regulation. The Bitcoin market is well aware of this: after Joe Biden published a letter abandoning his presidential campaign, the price of the famous cryptocurrency rose by around $ 3,000. The letter was also well understood by Elon Musk, a close friend of the Republican candidate, who on the same day added the symbol of the community, “laser eyes”, to his profile photo on the social network.
Whether the merger will be successful remains to be seen. Vitalik Buterin, the creator of Ethereum, another crypto queen from Bitcoin, recently split Political text In it he noted: “If you see a politician supporting cryptocurrency, you can look at what they thought about cryptocurrency five years ago. (…) That can be a good guide to the type of change in opinion that might occur five years later.” Nevertheless, documents released in mid-August showed that Donald Trump holds between $1 and $5 million in Ether.
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