In an unexpected move, Donald Trump has decided to enter the world of cryptocurrencies, an industry that he had previously criticized. Through a live broadcast, the former president presented his new business, World Liberty Financialtogether with his children and two entrepreneurs who are little known in the world of high finance. The initiative, which has generated mixed opinions, comes in a context of political tension, just days after an “assassination attempt” against Trump.
Trump’s change of stance towards cryptocurrencies
Trump, who in the past had been skeptical of cryptocurrencies, calling Bitcoin a “fraud,” now appears to have radically changed his approach. During the presentation, he explained that his foray into this field was practically a necessity, and let The details of the project were explained by its partners, Chase Herro and Zachary Folkman, two figures with little experience in high-profile business.as reported by The New York Times.
Herro, who calls himself “the Internet scoundrel,” and Folkman, who is known for having taught courses on seduction, presented the initiative as a project aimed at transforming the financial system. However, Many observers were skeptical about the team’s ability to handle a business of this magnitude.given the lack of business experience of both entrepreneurs.
Is this a conflict of interest?
One of the most controversial aspects of this new business is the potential conflict of interest it poses. Ethicists and regulatory experts have expressed concerns about the role Trump could play in the industry if he were to win the upcoming election. Given that the former president could influence cryptocurrency regulations, some fear he will use his power to benefit his own businesses.
Furthermore, the fact that several members of the Trump family, including his sons Eric and Donald Jr., are part of the project has raised questions about the true intention behind this initiative. According to project documents, Barron Trump, Donald’s youngest son, is described as the “DeFi visionary,” a term related to decentralized finance.
A new cryptocurrency on the horizon: launch date
The core of World Liberty Financial appears to be the creation of a new cryptocurrency, called $WLFI. While an official launch date has yet to be revealed, the project’s leaders have hinted that the goal is to drive mass adoption of stablecoins, cryptocurrencies designed to maintain a constant value of one dollar. This platform could also allow users to manage investments across different cryptocurrency platforms, similar to what the Instadapp service already offers.
Despite the mysteries surrounding the exact purpose of this initiative, Donald Trump’s involvement in the cryptocurrency world will undoubtedly generate more attention, both because of the former president’s controversial nature and the challenges the industry presents. in terms of regulation and financial security.
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