Trump-Backed Cryptocurrency Collapses; Trump Family Hints at Launching Their Own Cryptocurrency Venture
Revolving Crypto Sphere Flocks to the Trump Famiy
The Trump dynasty has been diving headfirst into the world of digital currencies, and it seems this partnership is reciprocal. With elections around the corner, Trump looks to secure some much-needed backing from the tech-savvy Silicon Valley, while the crypto enthusiasts seek an advocate who understands their industry. With a light-touch regulatory approach potentially on the horizon, the crypto world stands to gain relief from the current administration's tough stance.
Trump's social media pages have been abuzz recently with cryptic hints about an imminent collaboration with the crypto community. Eric Trump took to Twitter earlier this week to express his newfound affection for crypto and DeFi, hinting at a significant announcement in the near future. Not long after, Donald Trump Jr. followed suit with an intriguing statement about shaking up the crypto industry with a groundbreaking initiative.
So, what's the deal? Are they launching their own token? More MAGA NFTs? Or perhaps a Donald DAO run by Steve Bannon? Only time will tell, but one thing is certain: the hype is well underway.
Unfortunately, the recent USDT, a Trump-themed token allegedly created by ex-con Martin Shkreli, has been losing steam. With a staggering 90% plunge on Tuesday, the token's market capitalization plummeted from $55 million to a paltry $3 million. Suspicions of rug pull have been raised, as $2 million of the coin was sold off from a single wallet before the crash. Despite Shkreli's claims of co-creating DJT with Trump's 18-year-old son, Barron, the true mastermind behind the token remains a mystery.
The cryptocurrency industry has become more politically active this election cycle, aiming to tip the scales in Trump's favor. Not only are they aligning with the Republican party, but they are also targeting progressive Democrats such as Sen. Elizabeth Warren—who has been harshly critical of the industry. Funding has already been distributed to defeat Katie Porter (D-California), Jamaal Bowman (D-New York), and, most recently, Cori Bush (D-Missouri) of the famous "Squad." These politicians have seen defeats in Congress, in part due to the inflow of crypto cash against them.
As the decentralized web struggles, the crypto industry is growing increasingly nervous about its future. The glory days of crypto are long gone: Tom Brady is no longer a promoter, FTX has become a smoldering heap, and asset prices are falling. Moreover, the Biden administration has stepped up efforts to crack down on fraudulent practices and companies within the industry. The crypto community is now pinning its hopes on Trump to provide a last-minute lifeline.
Insights: New Unteraking: USD1 Stablecoin
The Trump family's crypto venture, World Liberty Financial, has launched a stablecoin called USD1 on the Ethereum and Binance blockchains. Despite being live, the stablecoin is not yet tradable. World Liberty Financial has managed to raise an impressive $550 million via token sales, with notable figures like Justin Sun backing the project. The venture involving Trump family members, loyalists, and crypto developers aims to create a hub for DeFi applications like lending and decentralized exchanges.
[1] Enrichment Data Source: https://www.forbes.com/sites/adamayes/2022/02/15/trumpstar-world- liberty-financial-ceo-reveals-trump-family-is-entering-crypto-with-a-major-decentralized-finance-project/
- The Trump family, in collaboration with crypto developers, is venturing into decentralized finance, launching a new stablecoin called USD1 on both Ethereum and Binance blockchains.
- Despite being live, the USD1 stablecoin is not yet tradable, but World Liberty Financial, the Trump family's crypto venture, has already managed to raise an impressive $550 million via token sales.
- Notable figures like Justin Sun have backed the project, which aims to create a hub for DeFi applications such as lending and decentralized exchanges.
- As the crypto industry faces increasing regulation and fluctuating market conditions, the Trump family's tech-focused endeavor could potentially assert influence over the future of digital currencies.
