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Cryptocurrency News Articles
Donald Trump and His Family Announce the Launch of Their New Cryptocurrency Venture, World Liberty Financial
Sep 25, 2024 at 06:42 pm
Former US President, Donald Trump and his family announced the launch of their new cryptocurrency venture World Liberty Financial in an X live stream on Tuesday.
Former US President Donald Trump and his family announced the launch of their new cryptocurrency venture World Liberty Financial in an X live stream on Tuesday.
Given the former President’s pro-crypto stance heading into the upcoming election, many have pegged the sudden news as an attempt to capitalize on all the attention.
There are concerns that crypto ventures like this could one day make the US dollar obsolete. Now, with a presidential candidate who may benefit from the crypto revolution, many are worried that there could be a conflict of interest.
Trump’s Pro-Crypto Campaign
Trump has openly spoken out about his support for cryptocurrency and his views of crypto as the future. He has been pro-crypto throughout his campaign and this move seems to be the culmination of that stance. Ted Cruz, a former presidential candidate himself, has been another spokesman for crypto and Bitcoin, causing many Americans to now take notice and invest in crypto.
However, amid all the pro-crypto sentiment currently driving markets, novice traders should know that crypto investment is still a very risky venture. As an esoteric asset class, there are a host of considerations and other aspects to crypto investment than merely buying some and making a profit from it. For one, potential investors should at least have a basic knowledge of blockchain technology and how it works.
Ownership of cryptocurrencies also entails things like knowing which is the safest crypto wallet to use. Now a crucial part of safe and secure crypto trading, crypto wallets are digital wallets that can be used to store your cryptocurrency. However, as there are various types, users need to choose carefully as a good crypto wallet is used to seamlessly buy, swap, receive, trade, or sell cryptocurrencies. Leading wallet providers also generally support 1000s of cryptocurrencies and are usable across a host of major blockchains.
Without knowing about aspects of crypto trading like these, the unspoken part of all the crypto hype is that it can be very specialized and nuanced in ways that can make it risky to invest in for a host of other reasons beyond its inherent volatility. However, with the Trump family’s crypto moves firmly moving ahead, it’s hard to say exactly how this will play out, with the election result likely to play a big part in the end.
Speaking to crypto investor Farokh Sarmad, Trump said, “If we don’t do it, China is going to do it. China is doing it anyway.” His campaign continues to cling to the competitive stance against other financial powers and his comment, “If we don’t do it, we’re not going to be the biggest, and we have to be the biggest and the best,” reflects his stance on the subject in no uncertain terms.
World Liberty Financial (WLF): What is it?
Creating a new cryptocurrency is no simple undertaking. However, World Liberty Financial has been released at a time when the crypto race within America and all over the world has begun heating up. Although it’s still in its early stages, the buzz created by the announcement has been immense with many early investors and Trump supporters beginning to take an interest in it as a result.
In their two-hour live stream, the Trumps explained what WLF is and made certain promises about what it could deliver. So far, it seems WLF intends to take advantage of DeFi technology and in so doing, create a more accessible and transparent financial system. The goal is to do all this while providing financial services to underserved populations the world over.
Emphasis is placed on the need to maintain user privacy—in contrast to traditional banking and financial systems. It also promises to employ the most advanced technology for security purposes to protect individual funds. For now, it seems that WLF is designed to have real-world applications.
In a nutshell, WLF will be a DeFi market where investors can invest, borrowers can borrow and lenders can lend. If it successfully achieves its objectives, WLF will offer many benefits to investors and users. As more and more people join the platform and WLF is adopted into broader communities, there will likely be an increase in value.
Furthermore, the platform will offer financial freedom to those who invest in WLF and become a part of the WLF money market. The middle man is cut out and costs will be significantly lower for those borrowing, while those who are lending will earn all their profits without any tax paid to a bank or intermediary. WLF also plans to be available to those who usually get the short end of the stick financially, ensuring they have equal opportunities to lend, borrow, invest, and earn interest.
However, what should also be noted is that the token will be non-transferable and won’t be used to earn but to vote on platform changes. This means, in the long run, only those with tokens will have the power to vote and instigate reform or change on the platform.
A New Leaf
While Trump’s current campaign has crypto at the forefront, he confessed that he wasn’t always keen on the cryptocurrency movement
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