Eric Trump, the son of U.S. presidential candidate Donald Trump, has announced the official launch of the defi project World Liberty Financial.
No details of the project are provided. It is known that it was initially named The Defiant Ones. World Liberty Financial’s X and Telegram channels have more than 16,000 and 45,000 users, respectively. The presence of other networks and the project’s website has yet to be discovered.
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Making finance great again with Eric Trump
In an interview for The New York Post, Eric Trump emphasized that the project is related to “digital real estate.” According to him, this real estate will be available to absolutely everyone and will provide fair and instant access to assets.
It’s equitable. It’s collateral anyone can get access to and do so instantly. I wonder if people realize what a shake up that is for the world of banking and finance. I hope we can help change that.
There are no descriptions of the project on social media, but on Telegram, it promises to “make finance great again by putting the power back in YOUR hands.”
We all know how crooked banks and financial institutions rig the system against everyday Americans. They shut people out, deny them loans, drown them in paperwork, and kill them with legal and processing fees. Our entire family has experienced this firsthand…
Trump Jr. emphasized that the new Telegram channel will be the main source of information about the upcoming project.
The crypto community believed that Trump Jr.’s crypto project would be related to meme coins. However, the son of the U.S. presidential candidate denied all speculation on this matter. He said that he is working on creating a crypto platform that will challenge traditional banks.
Community reacts to platform launch
Eric Trump’s latest tweet caused a mixed reaction from the community. Some X users criticized the project in the comments to the post and questioned its possible success.
In addition, one of the users predicted the wrath of the head of the Securities and Exchange Commission, Gary Gensler:
Donald Trump gives father’s support
Earlier, the U.S. presidential candidate Donald Trump did not stand aside and advertised the community of the new one on his social network Truth Social.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”
Notably, during his first term, Trump actively criticized cryptocurrencies and called them a scam. This year, the politician changed his position, deciding to bet on crypto voters.
The former president even recently spoke at the Bitcoin 2024 conference in Nashville. During his speech, he promised to fire Gary Gensler as head of the SEC.
The politician also recently released his fourth NFT collection (also known as new Trump trading cards), adding real-world buyer bonuses. The collection consists of 50 unique “portraits” depicting “significant moments” in Trump’s career. The digital images include Trump holding Bitcoin, wearing boxing gloves, and acting like Captain America.
Each NFT costs $99, but bundles are available. Buying five NFTs gets you a pair of Never Surrender sneakers, while buying nine gets you two pairs.
How the crypto market is reacting
Notably, PolitiFi’s MAGA (TRUMP) meme coin has remained virtually unchanged since the news of World Liberty Financial’s launch.
However, the last time Trump publicly endorsed the project, TRUMP’s price soared by 21%, reaching $3.87.
Overall, MAGA has become one of the largest coins by market cap in the PolitiFi sector, second only to ConstitutionDAO (PEOPLE).
According to the latest report, the political coins category has outperformed the entire meme coin segment in market cap since the beginning of 2024 — 782.4% versus 90.2%. Moreover, the top tokens have been mostly associated with Trump: TRUMP has soared by 1350.9% since the beginning of the year, and MAGA Hat (MAGA), with a market cap of $35.5 million, has grown by 1292.1%.
Growing interest in the U.S. political scene amongst crypto communities has led to the creation of many PolitiFi tokens. While the majority are created for satire purposes, some have applied transaction fees to support the project and political causes it aligns with.
The Trumps’ impact on the U.S. crypto landscape
The results of a Coinbase study provide a possible explanation for why cryptocurrency has become a significant part of the election agenda. According to the survey, in key swing states crucial to the 2024 U.S. presidential election, young cryptocurrency holders under 35 are almost equally divided between Democrats and Republicans — 41% and 39%, respectively. This suggests that the influence of cryptocurrency could be decisive in these critical battlegrounds.
During his election campaign, Trump already announced planned measures for the crypto industry. He promised to appoint a crypto presidential advisory council, fire the SEC chairman, introduce friendlier regulation, and ban central bank digital currencies.
One way or another, giving a final answer about the future of cryptocurrencies under Trump’s presidency is impossible. To do this, the presidential candidate must at least win the elections in the fall of 2024.
Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
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