During a two-hour-long live session on X, the former President, Donald Trump, formally introduced World Liberty Financial. A crypto investment company led by two internet-based currency entrepreneurs with little experience running high-profile businesses.
The involvement of Trump has sparked worries about potential conflicts of interest and frightened some of his staunchest supporters.
Trump’s appearance was primarily intended for promotional purposes. He did not directly speak about World Liberty Financial, in his opening remarks. Instead of talking about Sunday’s failed assassination attempt, he had a shorter version of his campaign speech. And talked about how cryptocurrencies will change in the U.S.
He argued, “If we don’t do it, China’s going to do it,”. Trump also added, “China’s doing it anyway and if we don’t do it we’re not going to be the biggest, and we have to be the biggest and the best.”
During his speech, he had his collaborators beside him, along with his two sons and the company’s entrepreneurs. It is imperative to highlight the fact that Trump has been promoting this campaign since August. The purpose remains unclear.
As for the project — ‘World Liberty Financial’ is known as DeFi, or decentralized finance. It lets people lend and borrow crypto to each other without any involvement of the bank. During the Livestream, Donald Trump Jr. also elucidated the family’s own experience being debunked.
“There was a time period where the Trumps could have picked up the phone and called any CEO, of any bank, and got a loan from anyone in the world for any project with low (loan-to-value ratio) and things like that, then we got into the political arena and like that it was turned off,” he said.
Not every Trump supporter is on board with the project. Earlier this month, pro-Trump crypto entrepreneur Nic Carter characterized it as “a huge mistake” that could “genuinely damage Trump’s electoral prospects, especially if it gets hacked.”
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