Trump, Donald Trump Jr. and Eric joined Trumpalong with New York-based real estate developer and major Trump donor Steve Witkoff and his sons Alex and Zach Witkoff, to the X Spaces conversation last Monday, where World Liberty Financial was officially announced.
The company said its mission is very clear: “to make… Cryptocurrencies America is great by driving mass adoption of stablecoins and decentralized finance.”
Few additional details were provided, though several speakers highlighted the desire to improve accessibility and usability for cryptocurrency users.
A token will also be offered, said project advisor Corey Kaplan.
“We are embracing the future with cryptocurrency and leaving the big, slow, old banks behind,” Trump said in a video last week.
During the interview at his Mar-a-Lago resort in Florida on Monday, Trump told host and self-described “proud crypto brother” Farrokh Sarmad that conversations with his sons had changed his mind about the benefits of digital assets.
“He talks about his wallet — he has four wallets or something,” Trump said of his 18-year-old son, Barron. “And I say, ‘What’s a wallet? Explain that to me.’”
“It seems like the young people know it a lot better than the old people,” Trump said in the interview, which came a day after he was targeted in an apparent assassination attempt on a Florida golf course.
“I think decentralized finance is the way of the future,” Steve Witkoff said at the event on Monday, according to a report by the Financial Times.
World Liberty Financial will not “rebuild the wheel,” but will instead use “simple products” that interact with tokens known as stablecoins, whose value is pegged to the US dollar, said Zach Volkman, an employee at the company.
The company did not provide many details about how it will work or what products it will offer.
“Beware of scams! Fake codes and AirDrop offers are circulating. We haven’t activated them yet,” she warned on the X show Monday night.
Trump changes his position
Trump’s pro-cryptocurrency comments were a departure from his previous views. He said that the value of cryptocurrencies was “built on air” and that investing in them was “a potential disaster waiting to happen.”
But Trump has embraced digital assets during his 2024 campaign, accepting donations in cryptocurrencies and calling for them to be US “The cryptocurrency capital of the world.”
It has received the support of investors in the sector such as influential investors Marc Andreessen and Ben Horowitz, Gemini exchange co-founders Tyler and Cameron Winklevoss, and Kraken exchange co-founder Jesse Powell.
Crypto groups have increasingly wielded their power, raising hundreds of millions of dollars to support sympathetic candidates and intensifying a lobbying campaign against Gary Gensler, the chairman of the Securities and Exchange Commission, who has cracked down on the industry.
In July, Trump promised at the Bitcoin 2024 conference in Nashville that he would “fire” SEC Chairman Gary Gensler on his first day in office, to loud cheers from the crowd.
Cryptocurrency Chief
Nidal Al-Shaar, chief economist at ACY, noted that Trump’s recent statements about his intention to literally be the president of cryptocurrencies represent a radical shift from his previous positions. When he was president, he was a staunch opponent of cryptocurrencies, saying in 2019 that “Bitcoin and other cryptocurrencies are not money” and that their value is unstable and based on “air.” These statements reflected his hardline stance on these assets.
But today, Trump is showing increasing openness to cryptocurrencies, acknowledging that his previous administration was cautious about the field, but now sees these assets as having great potential to revolutionize the world of finance, supply chains, and cybersecurity.
This shift in his position could have a significant impact on the cryptocurrency industry, especially if he wins the presidential election and becomes able to direct government policies and push public opinion towards greater adoption of this technology, according to Al-Shaar in his interview with the Sky News Arabia Economy website.
In addition, the slogan addressed Trump’s establishment of the “World Liberty Financial” company, which aims to support the digital currency sector by providing liquidity and launching a new cryptocurrency. The company will distribute its ownership among the founders, subscribers and the public, which shows a great investment orientation towards supporting this sector.
Despite the market optimism about the move, Al-Shaar pointed out that there are ethical and legal challenges that Trump may face due to his use of his influence as a former president to support his personal interests, especially since the company is family-owned. In addition, the details of the project remain vague and not fully understood, leaving the door open to multiple possibilities regarding the future of this initiative.
broad base
Joe Yarak, Head of Global Markets at Cedra Markets, told Sky News Arabia Economy that the launch of the latest cryptocurrency project includes two main platforms: “Crypto Baking,” which allows trading in cryptocurrencies and encourages investors to borrow and invest in this field, in addition to the “WLFE” currency.
He added that the project structure was distributed as follows: 20 percent for founders, 17 percent for subscribers, and 63 percent for the public, reflecting an approach aimed at attracting a broad base of investors.
Yarak explained that Trumpwho was previously opposed to cryptocurrencies, is now promoting them heavily, targeting the US market where some 50 million citizens own cryptocurrencies. This shift in Trump’s position adds a strong boost to the industry in the US, putting increased focus on this vital area.
However, Yarak warned that the project could be exposed to great risks if Trump does not return to power. It is worth noting that previous Trump projects, such as Trump Media, were considered high-risk due to their close connection to his personality and personal influence. This new project, despite initial optimism, requires close monitoring of its management mechanisms and trading prices, especially since it is still in its early stages and its performance cannot yet be comprehensively evaluated.
