As a seasoned researcher with over two decades of experience in the finance and technology sectors, I find the latest development surrounding Eric Trump’s foray into the DeFi space with World Liberty Financial intriguing. Having closely observed the crypto market dynamics and the political landscape, it appears that this project aims to disrupt traditional banking systems by democratizing financial services – a goal that resonates with many in our current socio-economic climate.
Eric Trump, son of the American presidential contender Donald Trump, recently declared the commencement of the decentralized finance (defi) initiative called World Liberty Financial.
Details about the project called “The Defiant Ones” are currently undisclosed. It’s known that World Liberty Financial and Telegram have user bases of over 16,000 and 45,000 respectively, but the existence of other networks associated with the project and its official website remain to be found.
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Making finance great again with Eric Trump
During an interview with The New York Post, Eric Trump highlighted that the project pertains to “online property.” He explained that this online property would be accessible to all individuals, offering a level playing field and immediate access to various assets.
It’s fair and accessible to all, offering immediate access. I ponder if individuals grasp the profound impact this has on traditional banking and finance. Here’s hoping we can contribute to this change.
On social media platforms, there’s no information about the project, however, on Telegram, they assure us that they will empower individuals to regain control over their finances, aiming to make finance as strong and beneficial as before.
It’s well-known that some banks and financial institutions manipulate the system to disadvantage ordinary citizens. They exclude people from accessing loans, bury them under mountains of documentation, and charge excessive legal and processing fees. Regrettably, our entire family has personally encountered such difficulties…
Donald Trump Jr. highlighted that the recently launched Telegram channel would serve as the primary platform for disseminating details regarding the forthcoming venture.
Within the cryptocurrency circle, there was a widespread assumption that Donald Trump Jr.’s crypto venture might involve meme coins. Yet, Trump Jr. himself refuted these rumors, stating instead that his focus lies in developing a crypto platform designed to compete with conventional banking systems.
Community reacts to platform launch
The recent tweet by Eric Trump sparked varying responses within the community. Some individuals voiced their dissatisfaction with the project in the comment section, expressing doubts about its potential outcome.
Why does this sound like a huge rug
— SoundMoney 🧪🍌 (@s0undmoney) August 28, 2024
Moreover, one user anticipated the displeasure of Gary Gensler, the chair of the Securities and Exchange Commission.
Gensler probably serve you a wells notice tomorrow
— jpeggler (@jpeggler) August 28, 2024
Donald Trump gives father’s support
Previously, instead of stepping back, Donald Trump, a former U.S. presidential candidate, took action by promoting his new social network, Truth Social, to the public.
It’s high time that the typical American, who’ve been under pressure from large banking institutions and wealthy financial groups, unite and assert our stance.
Significantly, during his initial term, Trump was vocal about his criticism towards cryptocurrencies, even labeling them as a fraud. However, this year, there has been a shift in his stance; he is now investing in the support of crypto-oriented voters.
Previously, the ex-president has also appeared at a Bitcoin conference in Nashville for the year 2024. At this event, he made a pledge to dismiss Gary Gensler from his position as chair of the Securities and Exchange Commission (SEC).
As a researcher, I’ve just learned that the politician has unveiled his fourth NFT collection, which is reminiscent of the Trump trading cards. This latest release comes with perks for real-world buyers. The collection features 50 distinct digital portraits showcasing notable events in Trump’s professional journey. Among these images, you can find Trump posing with Bitcoin, donning boxing gloves, and emulating Captain America.
For each NFT you purchase, it will cost you $99. However, we offer bundle deals too! If you buy five NFTs, you’ll receive a pair of our Never Surrender sneakers, and if you buy nine, you’ll get two pairs instead.
How the crypto market is reacting
It’s worth noting that PolitiFi’s MAGA (TRUMP) meme coin has shown little fluctuation following the announcement of World Liberty Financial’s debut.
Previously when Trump publicly supported the project, the share price of TRUMP surged by 21% to reach $3.87.
As an analyst, I can observe that my focus coin, MAGA, has significantly grown within the PolitiFi sector, currently ranking as the second-largest by market capitalization, following closely behind ConstitutionDAO (PEOPLE).
As per the most recent data, the political coin sector has surpassed the entire meme coin industry in terms of market capitalization since January 2024, with a growth of 782.4% compared to 90.2%. Furthermore, the leading tokens in this category have predominantly been tied to Trump. For instance, TRUMP has experienced a staggering increase of 1350.9% since the start of the year, and MAGA Hat (MAGA), currently valued at $35.5 million, has expanded by an impressive 1292.1%.
The increasing curiosity about American politics within cryptocurrency circles has sparked the development of numerous PolitiFi tokens. Although most of these tokens were created for humorous intent, some have implemented transaction fees to fund the projects and political ideals they represent.
The Trumps’ impact on the U.S. crypto landscape
The findings from a Coinbase study propose a potential reason behind the growing relevance of cryptocurrencies in election discussions. As per the survey, young investors under 35 who own cryptocurrencies in crucial swing states for the 2024 U.S. presidential election are almost evenly split between Democrats (41%) and Republicans (39%). This indicates that the impact of cryptocurrency could potentially tip the scales in these pivotal contests.
As an analyst, I’ve observed that during his campaign, candidate Trump outlined potential actions regarding the cryptocurrency sector. He expressed intentions to establish a Presidential Advisory Council for Cryptocurrencies, consider replacing the current SEC chairman, advocate for more favorable regulations, and potentially prohibit central bank digital currencies.
Predicting the future of cryptocurrencies under a potential Trump presidency in 2024 cannot be definitively answered now. This assessment requires the winning candidate to first secure victory during the 2024 elections in the fall.
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2024-09-03 13:46