The cryptocurrency lobby pour in a lot of cash Former President Donald Trump's latest presidential campaign has seen him completely abandon his previous hardline stance on digital currencies as campaign funds have poured in.
Now, recently promise President Trump is preparing to publicly roll out a highly questionable and ethically questionable new cryptocurrency project started by none other than his son Eric Trump Jr. and Donald Trump Jr. in an effort to make America the “cryptocurrency capital of the world.”
The project, called World Liberty Financial (WLFI), centers around “stablecoins,” coins that their creators claim are pegged to a stable commodity or government currency. In an X-formerly-Twitter thread posted last week, the WLFI team claimed their stablecoin would be pegged to the U.S. dollar.
“For too long, average Americans have been oppressed by big banks and the financial elite,” Trump said. Financial elite whose penthouses are covered in goldteeth, Thursday X-Previous Twitter Videos Promoting an upcoming cryptocurrency venture. “Now is our time to stand up together.”
But stablecoins sound It's supposed to be stable, but historically it has had devastating consequences for investors and the economy.
of Collapse The emergence of the so-called stablecoin “Terra Luna” was the main cause of the cryptocurrency crash in 2022. Approximately $2 trillion Not only did it cause capital to flow out of the market, leading to the devastating collapse of multi-billion dollar crypto ventures like FTX, but it also caused a lot of confusion among people. Lifetime savings Vanish without a trace.
moreover, As The Wall Street Journal Reported last year, Stablecoins are also a favorite fundraising tool of organized crime and terrorist groups, who use the nefarious digital currencies to launder cash, traffic drugs, and Even buying and selling humans.
Plus, there are countless conflicts of interest.
If Trump wins, he will already Promised Drastically reduce cryptocurrency regulation and bring digital currencies into the mainstream of the American economy. WLFI will take advantage of these crypto-friendly regulatory shifts and position the sitting President to back potentially profitable family-owned businesses through the power of the Federal Government. And like Trump's Truth Social meme stocks, WLFI also offers: An obvious new foray Wealthy businessmen trying to curry favor with the Trump family can simply pour investments into the Trump sons' stablecoin.
Some of the non-Trump family people allegedly involved in the project are too suspicious to be fabricated. Bloomberg News ReportsA key “dealer” for WLFI was a former colon cleansing product salesman named Chase Hero. YouTube videos from 2018 “You could take a can of shit, wrap it in piss and cover it in human skin and literally sell it for a billion dollars if the story is right, because people would buy it,” he said, driving around in his Rolls Royce.
“I'm not going to question whether all of that is right or wrong,” added Herro. Clearly, he's the type of person who wants to get involved in the American economy.
WLFI defended the stablecoin initiative. X Post This month, the company said it was “deeply opposed” to the idea of using the dollar to secure “primacy” and maintain America's financial leadership on the global stage. Claimed While there is no evidence that the US dollar is being actively attacked by a “foreign nation,” the economy Expert Overwhelmingly agree Fear-mongering about the imminent collapse of the US dollar has been exaggerated, and it will likely take decades to knock the US dollar off the top spot.
From one perspective, Trump's very public support for WLFI is just the latest example of the former president using his campaign to promote a personal or family business. In addition to the standard campaign merchandise, he also promoted some less-common Golden Eagles. sneakers Priced at around $500, the sale also included “Crypto President Trump” low-top shoes in “Bitcoin Orange” ($299), an NFT of himself ($99), and a “patriotic” takeaway for $59.99. About the Bibleand the recently published Coffee Table Books In it, he threatens to jail Meta CEO Mark Zuckerberg, and it costs $99 (a signed version is available for $499).
But the impact of WLFI goes far deeper than expensive Bibles and random junk.
Stablecoins have been shown to be unstable as well as being used to fund illicit activities around the world, and the Trump family's involvement in the crypto world poses a clear risk of corruption if the former president returns to the Oval Office, making WLFI's plan not only doomed but dangerous.
More on Trump and cryptocurrency: Donald Trump, who called cryptocurrency a “scam,” now owns millions of dollars in it
